One Step Closer …

The Democrats’ ginormous $787 billion stimulus bill passed the House this afternoon, without a lick of Republican support. The count was 246 to 183, with seven Democrats opposing the measure, and another (Illinois Rep. Dan Lipinski) voting present.

Next stop: the Senate, which is expected to approve the bill later today. President Barack Obama is then expected to sign the proposal into law early next week.

One note: This package — $232 billion of which comes in the form of tax rebates — is often billed as “taxpayer-funded.” It’s a misleading tag, not because the cost is in any way offset, but because not one cent is covered by taxpayers. Indeed, every cent will be borrowed. Just a reminder.