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Chastity Belt Is Needed to Keep U.S. Budget Pure: Amity Shlaes

Gramm-Rudman or something like it.

That’s the consoling phrase I keep hearing as lawmakers talk about implementing an automatic control on government spending in the style of the 1985 Gramm-Rudman plan. President Barack Obama, for example, has called for a “debt failsafe” that would cut spending and raise taxes if the ratio of the federal debt to gross domestic product doesn’t stabilize by 2014.