Source: David Lazarus, Los Angeles Times ( Free Registration )

Even before the current financial crisis, a federal budget deficit of nearly $500 billion was projected for next year. Now an additional $700 billion has been committed to bailing out Wall Street, not to mention as much as $200 billion for mortgage giants Fannie Mae and Freddie Mac.

So what do our friends in Washington do? They cut taxes to the tune of about $110 billion for everyone from companies that make wooden arrows for kids to Caribbean rum distillers.

Yeah, I get it: Those profiles in courage running Congress couldn’t find the political backbone to do the right thing for the country unless they sweetened the deal with a bunch of pork-barrel gimmes for their constituents.

Read Full Article: $10.1-trillion national debt? Let’s cut taxes!