Legally, they can't give themselves a pay raise. Any pay raise passed would only apply to the following congress.
Practically, however, since there is a 90% + re-election rate in congress, they are, in effect, voting themselves a pay raise.
Conflict of Interest?
Legally no
Practically yes
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abusus non tollit usum - A right should NOT be withheld from people on the basis that some tend to abuse that right.
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