Sins of Commission

All press reports in this morning's papers indicate the President will fall far short of his oft-stated goal of stabilizing the deficit over the long-term at 3 percent of GDP. That's a minimum standard. It is what is required to keep the deficit "sustainable"--that is, to prevent the debt from blowing up to huge multiples of GDP.

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Now that the President and his budget director Peter Orszag have abandoned the leadership of achieving minimally necessary deficit reduction I hope we never hear them again talking tough about deficit reduction... They have failed to make the tough choices.

View TaxAnalysts' Martin Sullivan's opinion in its entirety on TAX.com.