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Wednesday, February 1, 2012

Another Trillion-Dollar-Plus Deficit on the Way

“The Congressional Budget Office said Tuesday that the economy would remain sluggish, with high unemployment, and that the federal budget deficit would exceed $1 trillion in 2012 for the fourth consecutive year. The deficit will be $1.1 trillion in the current fiscal year, about $200 billion less than in 2011, and will fall sharply in the next three years as a result of tax increases and spending cuts required by existing law, the agency said in its annual report on the budget and economic outlook. However, it said, that same combination of higher taxes and caps on spending will crimp economic growth.” (New York Times)

Fortunately the experts are on the case.

FEE Timely Classic
“What Spending and Deficits Do” by Henry Hazlitt