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The 1997 Bipartisan Budget Agreement cut spending and cut taxes
The 1997 Clinton-Gingrich-Lott bipartisan budget agreement cut spending enough to balance the budget and cut taxes.
Redefining “balance”
Over the next few weeks, you should be skeptical of anyone’s attempt to claim an objective measure of a particular deficit reduction package as balanced or unbalanced. You’re almost certainly being spun.
Beware measures of deficit reduction
If a budget deal is reached, officials will undoubtedly boast about how much their deal “reduces the deficit.” They will use numbers like $1 trillion, $2 trillion, or even $4 trillion of deficit reduction. You should be wary of such numbers, which are easily gimmicked.
Secretary Geithner’s budget speech, part 2
Yesterday I praised Treasury Secretary Geithner for three elements of the fiscal policy speech he gave at the Harvard Club of New York this past Tuesday. Today I will provide a few areas of disagreement, with more to follow in future posts.