Budget blunders of 1990 are no blueprint for 2011

posted by
November 14, 2011
Cato Institute
by Alan Reynolds  
Posted in Commentary

"As the 'supercommittee' on deficit reduction tries to hammer out an agreement to trim the growth of future spending by $1.2 trillion (a mere $120 billion a year), the first proposal from the Democrats was to start by raising taxes $1.3 trillion. Recent reports suggest they might settle for trading $1 trillion in new taxes in exchange for $1 trillion in seemingly nebulous spending cuts in the distant future. The role model for that sort of 'balanced' deal was the Omnibus Budget Reconciliation Act of 1990 (OBRA-90)." (11/11/11)

http://www.cato.org/pub_display.php?pub_id=13843  

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