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Closing Tax Loopholes: A Political Compromise for the Budget Conference Committee
November 7th, 2013
With the government running again, the joint Senate and House Budget Conference Committee has begun meeting to hammer out, if not a grand bargain, at least a small one. The Committee must deliver a report by December 15 and, to avert another shutdown, Congress must extend government funding by January 15. It’s difficult to overstate the political importance of a compromise, but the economics are important here, as well. The federal deficit has been declining since it hit a high of 10.1% of GDP in 2009 (though most American’s don’t know it). The deficit today is about 7% of GDP...
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