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Fiscal stimulus is back. So are bigger deficits
JAY GORY, MANAGING EDITOR, world
In piling a huge spending bill on top of a huge tax cut without the requisite revenues to pay for either one, US policymakers are putting extraordinary faith in the economy. “The economy's going to be running hot,” says Mark Zandi, chief economist of Moody's Analytics, a risk-management subsidiary of Moody’s Corp. in New York. If Congress makes permanent the temporary tax cuts for individuals and doesn't ratchet down its spending after the new two-year budget plan expires, annual deficits could swell to $2 trillion a year in a decade, says Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a bipartisan watchdog group. read more
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