reason.com - 2/23/2009
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President Barack Obama is convening his "fiscal summit" today to figure out how to bring the feds' spending to heel. The work, he says , "...begins on Monday, when I will convene a fiscal summit of independent experts and unions, advocacy groups and members of Congress to ...
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THE DEFICIT: A $300 billion rounding error? But wait, it gets worse: “And, in the best tradition …
Instapundit —
THE DEFICIT: A $300 billion rounding error? But wait, it gets worse: “And, in the best tradition of B.S. D.C. accounting methods, the $1.3 billion figure doesn’t include the nearly $800 billion in stimulus spending or the $275 billion to forestall mortgage defaults or war costs for FY2009 or whatever TARP 2 costs, so the actual deficit figure (assuming revenue projections are good, which they likely aren’t) is somewhere in the neighborhood of $2.5 billion at a bare minimum. At $1.3 billion, the deficit would be 9.2 percent of GDP, a figure not seen since World War II. Under Ronald Reagan, whose deficits ...
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