Tax, spend and no sequester?
EconoMeter panel debates president's 2016 budget
Roger Showley, U-T SAN DIEGO
Friday, February 6, 2015
Kelly Cunningham, National University System
President Obama has given us trillion-dollar deficits but now claims credit for Congress enforcing some fiscal discipline and reducing annual deficit spending to “only $500 billion.” His newly unveiled 2015 budget includes almost $500 billion in new spending, effectively dispensing with the token austerity Washington could muster in the 2011 "sequester." There is virtually no hope of the U.S. ever paying for all this spending through taxation. The budget-busting proposals send a clear message to foreign creditors that we plan to continue borrowing profusely and we expect them to keep lending to us for as long as we want.