OK, we'll go through this again. What is the punctuation mark after the word States?
It isn't a period is it? It's a semi-colon isn't it? That means that the clauses listed after the semi-colon give definition to the general thought. This makes the clause you cited prefatory to the subsequent clauses which provide for the limited government that the founders created. Not the unlimited government it would be if you used your reading of the sentence.
For more detail on this I recommend you read The Federalist number 41 where James Madison rips into anyone who would dare read the Constitution in such a fashion.
Please continue.....
ROFL, that's a good one, I hadn't heard that particular rationalization yet...
However it is also false, as the entire section uses Semi-Colons to separate each individual power (not to be confused with separation of powers, which surely Glenn Beck would do).
Observe:
The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;
To borrow money on the credit of the United States;
To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;
To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
To provide for the punishment of counterfeiting the securities and current coin of the United States; ...
As you can plainly see, none of the following clauses contradict or change the meaning of the first clause in the slightest.
And as for James Madison, as been discussed in several other posts, the Consitution was a group effort, created by many people's very different ideas. The ramblings of one man, even if he is James Madison, cannot possible represent the intent of all of the framers.
If the consitution had had a more specific intent here, THEY WOULD HAVE INCLUDED IT.