How will McCain fund his tax breaks?

Today we have heard yet another great idea from a presidential candidate: suspend the federal gasoline tax. No, really, it is a good idea. The high gas price is one of the biggest problems of US economy, as it drives up prices of everything else. It is also almost non-discretionary expense: people have to drive around to get to their workplaces, shops, schools and vacations. And, of course there is the psychological impact of seeing $4.999 on the gas station billboard.

And yet, as usual, it is less than half-baked idea. When will the politicians learn that the tax breaks are only beneficial if they are offset by corresponding decrease in government spending? The federal gasoline tax brings about $28 billion per year into the treasury. If McCain does not cut the spending by this amount, then what is he going to do? Print the money, bringing the inflation up, increasing prices for everything and making the US dollar even more worthless? Or borrow even more from China, getting deeper in debt and increasing our vulnerability to the pressures from foreign governments? Or tax us somewhere else, nullifying the effect of the tax break?

Do not be fooled: if the politicians do not identify the source of funding for their tax breaks, it means that sooner or later you will pay for it, with huge interest.