According to Fareed Zakaria “the Bush tax cuts are the single largest part of the black hole that is the federal budget deficit” and yet Alan Greenspan and Hank Paulson continue to push for reducing the national deficit while simultaneously rejecting the expiration of the Bush tax cuts for the rich.

For shame, indeed.

  • tudorman

    Correct me if I'm wrong, but I don't think the additional revenue from letting those tax cuts expire would cover a $1 trillion deficit.

    So at what point does the deficit become a spending issue, versus a revenue issue? Are we there now? I think I read somewhere that Obama's budget proposal is funded by 40% deficit spending.

    And is a balanced budget and adequately funded social programs (Social Security, Medicare) a realistic goal in, say, our lifetime?

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