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The Secret Agreement to Cut the Deficit

Jan. 31 (Bloomberg) -- Wait. Stop. What are we arguing about? I hate to spoil the fun, but deficit hawks and deficit doves are actually in agreement about how this sucker should play out.

There’s an old joke in academia about how the disputes there are so vicious because the stakes are so small. In the current debate about the U.S. government and the economy, the stakes aren’t small. But the breadth of disagreement between the two sides is smaller than anyone wishes to acknowledge.