The GOP's 18 Billion Dollar Gorilla

As predicted, Jim DeMint's amendment placing a 1 year moratorium on earmarks failed handily last Thursday, demonstrating once again that the GOP has less short-term memory than Barry Bonds. Last year, earmarks totaled more than $18 Billion, or enough to buy at least 75 Bear Stearns. Despite recent gains, the level of fiscal irresponsibility in Washington is mind-numbing, and yet Republicans, once the party of fiscal restraint, voted against the amendment with the same fervor as their Democratic counterparts. How quickly the anti-tax-and-spend party has cast aside the very identity that vaulted it to power some 14 years ago! The Wall Street Journal reports that, in all, 71 senators voted against the moratorium - what is going on here?

Are Larry Kudlow and I the only ones who remember that the 2006 midterm elections were won on the back of voter uneasiness over corruption and spending? With an alarming number of seats vulnerable this year already, what does such a failure indicate about the GOP's sincerity in both convictions and desire to compete in November? In reality, few expected the amendment to pass, but the wide margin by which it failed is certainly indicative of a fiscal malaise on the part of the Senate. Once again, senators have provided fuel for their own pyre by refusing to take a tough stance that will ultimately endear them with the electorate, and vindicate lofty campaign promises and rhetoric.

In addition to harming GOP senators' chances for reelection, will the failure of the fiscal restraint refrain prove an asset for McCain (who supported the amendment), or simply a tool for pointing out his lack of support from party? With the public perception of McCain as causing strain in the party already the accepted consensus amongst the editorial class, it's not hard to envision claims that he lacks his own party's support on key issues. On the bright side, both Obama and Clinton also supported the amendment (albeit probably to prevent a future attack from McCain). Hey, at least they can agree on something!