Is Karl Rove a Deficit Dove Now?
I was pleased to see this morning that Karl Rove tweeted my post on yesterday's Congressional Budget Office fiscal projections. That's the post where I said CBO's analysis "shows that deficit panic is unwarranted, and that policymakers should focus on boosting the economy instead of cutting debt" -- much like CBO's previous report did.
Just four months ago, Rove was urging Republicans to use the debt ceiling as a bargaining chip to force spending reductions, arguing that such a move was necessary to "prevent a fiscal catastrophe." Obviously, that runs counter to what I wrote yesterday.
I'm sure Karl isn't the kind of guy who only reads headlines. (It was: "Don't Get Too Excited About the New, Smaller Deficit.") So I can only interpret his tweet to mean that he has changed his mind and intends to use his social-media voice to urge his fellow Republicans to drop their counterproductive fight for fiscal austerity. Thanks, Karl, and welcome to the club!
This column does not necessarily reflect the opinion of Bloomberg View's editorial board or Bloomberg LP, its owners and investors.