Dear Mr. President, Since You Asked...

Your economic address played beyond your wildest dreams in its first week. But the raves are already being tempered, as they should be. The reason? your economic program loaded up on new taxes and went lightly on cutting government spending. It didn't even come close to meeting Budget Director Leon E. Panetta's original goal of cutting $2 in spending for every $1 in tax hikes. Moderate Democrats and Republicans--and just about everybody made suspicious by years of undisciplined congressional spending--are concerned, even while commending your attack on the $300 billion annual federal deficit.

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