Tax-Cut Plan Digs Deeper Deficit Hole
(LA Times) — The tax-cut deal President Obama struck with congressional Republicans reflects an enduring political reality: Forced to choose, Washington’s leaders kick long-term problems down the road. The agreement would add a staggering $700 billion to the federal budget deficit in the next two years alone, and the prospects for tax cuts and their negative consequences for the deficit could continue for years. Just last week, a bipartisan commission said that severe federal spending cutbacks were needed to avert a potentially dangerous surge in the deficit.
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