A budget proposal fit for Valentine's Day
Here鈥檚 OMB director explaining how the (released this morning) will reduce the budget deficit over the next ten years鈥揷utting it in half by 2013 and by two-thirds by 2020. Problem is that that鈥檚 only relative to a 鈥渂aseline鈥� that builds in a lot of tax cuts that go beyond current law (extended beyond their expiration), and the President鈥檚 budget stays away from the major pressures on the federal budget鈥搕he growth of Medicare and Social Security spending and the lack of a solid enough revenue base to keep up with that spending.
I think it鈥檚 a fitting 鈥淰alentine鈥檚 Day鈥� budget because it only pays 鈥渓ip service鈥� to the work of the President鈥檚 fiscal commission, writes a lot of 鈥渓ove notes鈥� to those enduring Bush/Obama tax cuts, and still contains an awful lot of red ink.
More details later.
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