A Two-Step Approach to Solving the Budget Impasse: Echoes

Two decades ago, President George H.W. Bush, Senate Majority Leader George Mitchell and House Speaker Tom Foley agreed to "the largest and most comprehensive deficit reduction package in U.S. history," according to the president's Council of Economic Advisers, on which I served as a member at the time. We estimated that the deal would "reduce the Federal deficit by a total of nearly one-half trillion dollars over the next 5 years."

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