Fiscal Discipline …

… or rather the lack thereof:

House and Senate Republican negotiators have produced a [pay as you go] measure that is essentially make-believe. It purports to require that tax cuts or spending increases be paid for with offsetting tax increases or spending cuts. It pretends to impose that rule for the next 10 years.

But it then provides, in the very same section, that the rule expires on April 15, setting the stage for a new tax-cutting spree next year. The rule applies only to the Senate. And it exempts $27.5 billion in tax cuts from this year’s pay-go requirements.