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October 5, 2017: How We Think About the Deficit Is Mostly Wrong (S. Kelton)

New York Times, October 5, 2017

With their nine-page “framework,” President Trump and congressional Republicans have turned to tax cuts in a bid to get a victory on their policy agenda. Mr. Trump has promised to deliver “the biggest tax cut in the history of our country.” It achieved a rare feat of bipartisan agreement in Washington — worry from the left and the right about the plan’s potential to increase the deficit. Senator Charles Schumer, Democrat of New York, warned that the plan would deepen the deficit by $5 trillion to $7 trillion. Senator Bob Corker, Republican of Tennessee, said, “If I think it adds one penny to the deficit, I’m not going to vote for it.” Read more here…

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