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Dangerous ConvictionsWhat's Really Wrong with the U.S. Congress$
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Tom Allen

Print publication date: 2013

Print ISBN-13: 9780199931989

Published to Oxford Scholarship Online: February 2015

DOI: 10.1093/acprof:osobl/9780199931989.001.0001

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The Federal Budget

The Federal Budget

Faith-Based Economics

Chapter:
(p.39) 2 The Federal Budget
Source:
Dangerous Convictions
Author(s):

Tom Allen

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199931989.003.0003

This chapter addresses the budget and tax issues that have raised the most baffling question for Democratic members of Congress: “Do these guys believe what they say?” The Republicans' apparent conviction that tax cuts pay for themselves by increasing revenues made no sense to Democrats—it was contradicted by the independent Congressional Budget Office and almost all economists. The tax cuts of 2001 and 2003 reduced revenues, increased deficits, and undermined America's economic strength and resilience. The continuing conflict over the federal budget and taxes is the most fundamental and consequential of the differences between Democrats and Republicans, and it can now be compromised, even temporarily, only with enormous difficulty.

Keywords:   tax cuts, tax policy, Republicans, Democrats, President Bush

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