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Economist: Deficits nothing but a politically useful hammer to beat up Obama
University of Massachusetts economist Richard Wolff on Tuesday explained that obsession over the federal deficit was based in politics, not economics. Wolff said on the David Pakman Show that the government could not improve a struggling economy by cutting its spending. As the single biggest consumer, the government only reduced…
Pelosi: GOP’s insistence on more spending cuts a ‘false argument’
House Minority Leader Nancy Pelosi (D-CA) pushed back against the assertion that deep spending cuts are necessary to pare down the federal deficit and avoid the looming sequestration, saying on Fox News Sunday that such a policy would harm job growth and ultimatley expand the deficit. Host Chris Wallace led…
Maddow makes the case for more stimulus
On her show Monday night, MSNBC host Rachel Maddow argued in favor of additional government investments in the economy, describing the federal deficit as a secondary problem. “Focusing on the debt and deficit to the exclusion of everything else is like arguing about the color you might paint your car…
Carville challenges ‘Washington consensus’ on cutting the federal deficit
James Carville, former Bill Clinton campaign adviser, on Tuesday called on Democrats to focus on rebuilding the middle-class instead of accepting the conventional wisdom that cutting the deficit was the most important issue facing America. “I think we make a fundamental error,” he told MSNBC’s Rachel Maddow. “The biggest problem…
Bernie Sanders: I’m more of a deficit hawk than many Republicans
Independent Sen. Bernie Sanders of Vermont on Thursday told Republicans on the Senate Budget Committee they were hypocritical for vowing to reduce the federal deficit while supporting wars overseas and tax breaks for wealthy Americans. The committee was holding a hearing on the President’s 2013 budget with Treasury Secretary Geithner.…
Obama seeks to cut deficit by $1.1 trillion: source
WASHINGTON (Reuters) – President Barack Obama’s proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, a senior Democratic aide said on Sunday. Obama, set to present his budget to Congress on Monday, intends to get two-thirds of the…
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