Many things from the 1980s are out of style — Flock of Seagulls, big hair and Benneton shirts to name a few. We were hoping the fiscal recklessness that defined the eighties would join that list.

Didn't anyone in Washington learn from that decade's budget debacle that left our nation in debt up to our eyeballs? It should have taught us that major tax cuts don't always mean a matching reduction in federal spending levels.

Contrary to the political promises of both parties, the recent news is that we will have to pony at least $9 billion in Social Security funds to cover out-of-control congressional spending and the Bush tax cut should give us all pause.

It is incredible that only half a year in office, this Administration is poised to renege on its pledge to not spend Social Security funds. Congress seems only too happy to help the president spend money we don't have. Instead of practicing strong fiscal discipline, both parties would rather play a high stakes game of budgetary chicken. Members from both parties continue to break the bank with their party-line spending proposals while they blame each other for Washington's out-of-control spending.

Congress will spend tens of billions more than last year in this year's budget bills. In fact, with the proposed defense spending increases, the Bush Budget is already $48 billion over the FY 2001 budget — a 4.5 percent increase in spending in one year. The biggest spending increases that we are seeing are the President's own proposals for Defense and Education. Congressional appropriators will add billions more to this price tag.

As troubling as these figures are, they represent only the beginning of bad news about the fiscal health of our country. CBO's projections do not assume any of the additional spending for defense, education, or Medicare prescription drugs that is included in either the Bush Budget or the Congressional budget resolution. The figures also omit the cost of extending expiring tax credits, funding for emergencies, or paying for billions in new farm spending.

Given the trend, it is likely that this year's budget deficit will balloon even more. The only way the Bush Administration will be able to control congressional spending will be to start vetoing Appropriations bills. That's about as likely as the band Whitesnake topping the charts again. Here we go again, indeed…

The next fiscal year is less than two months away and not one spending bill has been passed. Don't expect any resolution in the near future. Both Republicans and Democrats are having too much fun debating who brought us back to the fiscal irresponsibility of the 1980s.