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This article provides some insights into the recent debt ceiling deal. Letting the Bush tax cuts expire under current law is critical to long run debt reduction. Congress does not have to do anything and the cuts will expire. If Congress tries to extend the cuts, Obama can veto the bill and it is unlikely to be over ridden. The other point is that much depends upon restoring economic growth. Without some stimulus from government, recession or very slow growth may cause the debt to GDP ratio to rise.
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