Damn The Deficit, Go For Growth

As deliberations about Bill Clinton's economic program proceed, gloomy new budget projections by the Congressional Budget Office (CBO) and the Office of Management & Budget (OMB) lend credence to Clinton's deficit hawks, who want steeper spending cuts, tax increases, and deferral of plans for public investment. But those projections are misleading and could pull Clinton into a politically disastrous, economically perverse austerity program. Several key Democratic senators up for reelection in 1994 will be in deep trouble if the economy remains slack.

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