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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…

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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