Last night the House passed the tax reconciliation bill by a vote of 224-185. Fifteen Democrats voted along with Republicans to pass these costly and regressive tax cuts. Two Republicans, Sherwood Boehlert (R-NY) and Jim Leach (R-IA) placed fiscally responsible and compassionate votes by voting against this bill, which will cut almost $70 billion in taxes over the next five years. The Senate is expected to take up the bill today. An editorial in the Washington Post today makes a succinct point about this bill: You'll hear the administration and its allies crowing that a recent surge in tax revenue proves that the Bush tax cuts are "working." Capital gains cuts aren't a particularly effective way to stimulate the economy, and while the rise in the stock market coincided with the passage of the cuts in 2003, the evidence of a causal link is weak. In fact, tax revenue (and the stock market) did pretty well in the 1990s, too, with a more responsible fiscal policy. And to the extent that lower taxes on capital gains and dividends have a positive effect on long-term investment and growth, that has to be counterbalanced against the drag on the economy from higher deficits. These tax cuts don't magically pay for themselves. This Congress and administration are putting the nation deeper and deeper in debt to benefit a sliver of the population that doesn't need the help. Someone's going to have to pay for these deficit-financed tax cuts eventually, and it's likely to be your grandchildren. Washington Post: House Passes $70 Billion Tax Package BusinessWeek Online: Congress' Playing With Numbers Washington Post Editorial: Tax Cuts, Again