Of course, worrying about something and doing something about it are two very different things. But do you suppose Peter Orszag would be getting a grilling about the massive loopholes in PayGo if they weren’t worried about losing seats in 2010? During the House Budget Committee hearing, Rep. Xavier Becerra (D-Calif.) noted the exemptions will cost more than $3 trillion over 10 years. Policies that | Read More »
This seems to be more than a rounding error: U.S. Senate Budget Committee Chairman Kent Conrad said on Thursday he expects federal deficit spending will be about $1.6 trillion greater over the next ten years than President Barack Obama’s budget plan forecasts. Obama submitted his budget outline to Congress last month which forecast almost $7 trillion in deficits through 2019, however a worsening economic picture | Read More »
Today Barack Obama is having lunch with Congressional Republicans in a meeting that Congressional Quarterly says may be historic. He is trying to drum up support for his economic stimulus package — which today sits at $825 billion or so, and growing. If he is politically shrewd — and experience suggest that he is — he’ll try to erase memories of his “I won” moment | Read More »
The Washington Times reports: The United States will “look like a banana republic” unless it gains control over its budget deficit and federal debt, economist Allen Sinai warned Congress on Thursday. “The deficit and debt prospects under almost any scenario are daunting,” Mr. Sinai, chief global economist for Decision Economics Inc., told the Senate Budget Committee. “This territory is uncharted, with no real historical analogue | Read More »
In 1992, Bill Clinton campaigned for the presidency on a platform that focused on tax cuts (to get the economy moving again), welfare reform, and getting tough on crime. By the time he vetted his agenda with Congressional leaders, the early focus of his administration had shifted to enacting a public works package, lifting the ban on gays serving in the military, and raising taxes. | Read More »
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