'Balanced Compromises' Are Neither

Did you know that if we leave tax rates alone, meaning leave the Bush rates in place, the federal government would collect more revenue than it has historically?  You know who says that?  The Congressional Budget Office. As we all know, the CBO also projects historically high deficits.  Now how can we have historically high revenues and also historically high deficits?  Because spending is projected to be even higher.  If the federal government would spend anywhere near historical levels, the deficit problem would all but evaporate. The CBO can be a double-edged sword.  Liberals like Ezra Klein could, for example, quote the following from the CBO's analysis of President Obama's most recently proposed budget. "Of the various initiatives that the President is proposing, tax provisions would have by far the largest budgetary impact... Those policies would reduce tax revenues and boost outlays for refundable tax credits by a total of more than $3.0 trillion...(Read Full Article)