The stupidity in congress continues.  The latest round of fiscal recklessness was in the form of a new House Bill (now approved!) to hand out $4,500 in free cash to anyone who owns a scrap of metal they call a car.

The bill (H.R. 1300) is formally called the “Consumer Assistance to Recycle and Save Act”, but more commonly referred to as “Cash for Clunkers”.  The full text of the bill can be found at this link.

Ohio democrat Betty Sutton is the sponsor of the bill.  But “sponsor” is a very loose term, because Betty Sutton obviously has no idea how to pay for it.  The $4 billion cost allocation for the bill will come entirely from begging the Chinese government to buy more of our outsized debt.  Way to go, Betty.  I’m sure your fellow Americans will be proud to know that paying their neighbors mortgage is not nearly as fun as paying their mortgage *AND* buying them a new car!