BANANA REPUBLIC UPDATE: Congressional Investigation: Treasury, IRS, HHS Conspired To Create An Unauthorized, Half-Trillion Dollar Entitlement.

Last week, two congressional committees issued a little-noticed report detailing how Treasury Department, Internal Revenue Service, and Health and Human Services officials conspired to create a massive new entitlement not authorized anywhere in federal law.

In the summer of 2012, the House of Representatives’ Committee on Oversight & Government Reform and Committee on Ways & Means launched an investigation to determine “whether IRS and Treasury conducted an adequate review of the statute and legislative history prior to coming to [the] conclusion that [the Patient Protection and Affordable Care Act’s] premium subsidies would be allowed in federal exchanges.” Over the next 18 months, the committees held numerous hearings with senior Treasury and IRS officials, while investigative staff conducted interviews with key agency attorneys responsible for developing the regulations in question. Investigators also reviewed what few documents Treasury and IRS officials allowed them to see.

Heads should roll. And I’m not even sure I mean just figuratively, if this is true. It seems as if this sort of thing should be prosecuted as a crime.