Colbert was the end of the 111th Congress

For the first time since modern budgeting was introduced with the Budget Act of 1974, the House failed to even write a budget. This in a year of extraordinary deficits, rising uncertainty and jittery financial markets. Gold is going through the roof. Confidence in the dollar and the American economy is falling — largely because of massive overhanging debt. Yet no budget emerged from Congress to give guidance, let alone reassurance, about future U.S. revenues and spending.

That’s not all. Congress has not passed a single appropriations bill. To keep the government going, Congress passed a so-called continuing resolution (CR) before adjourning to campaign. The problem with continuing to spend at the current level is that the last two years have seen a huge 28 percent jump in non-defense discretionary spending. The CR continues this profligacy, aggravating an already serious debt problem…

A fitting end for the 111th Congress. But not quite. Colbert will return to the scene of the crime on Oct. 30 as the leader of one of two mock rallies on the Mall. Comedian Jon Stewart leads the other. At a time of near-10 percent unemployment, a difficult and draining war abroad, and widespread disgust with government overreach and incompetence, they will light up the TV screens as the hip face of the new liberalism — just three days before the election.