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So It's All Political. Who Knew?

William McBride, an economist with the Tax Foundation, introduces a selection of quotes from the Congressional Budget Office's long-term budget at their Tax Policy Blog. He writes:

"The federal budget is complex, and the partisan chatter surrounding it tends to muddy the water further.  That's why it's important to get it straight from the horse's mouth."

We growled about the CBO forecast yesterday, but what is especially interesting about Mr. McBride's post is his addendum:

"Addendum: The Daily Beast has this news:

"House Majority Leader Eric Cantor has dropped out of bipartisan talks convened by Vice President Joe Biden to reach a deal on deficit reduction, and Republican Sen. Jon Kyl is said to be pulling out as well. Cantor said his decision to leave was the result of a disagreement over whether to raise taxes. Democrats, as well as leading economists, say it's impossible to close the deficit without increased revenues, but Republicans have categorically ruled out any tax hikes."

"This economist says it is certainly possible to close the deficit by cutting spending.  It's just politically unlikely."

I'm not an economist, but I do believe the primary cause of the current fiscal mess is the result of out-of-control spending and not out-of-control taxation. For readers who continue to think the only thing that is needed to solve the problem of America's fiscal mess is "one-part spending cuts" and "one-part tax increases" are invited to look closely at the chart below, which Chris Edwards of the Cato Institute references in his Cato @ Liberty blog today. I may wear glasses, but it tells me the problem is that we're spending too much, way too much, and not that we need to raise taxes.

UPDATE (6/23/11): Jennifer Rubin introduces her comments about the CBO report at her Washington Post blog, Right Turn, today by saying:

"The Congressional Budget Office put out a very scary report today. It’s scary for the country and our economic future and it’s scary for Democrats who have done nothing to address the looming debt crisis, preferring fear-mongering instead."


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