It is already clear that the Republicans have succeeded spectacularly in their insistence that the agreement be mostly about spending cuts rather than building back the money lost from the Bush tax cuts that was the principal cause of the deficit. Mr. Obama has said there will have to be some revenue increases, but Republicans are in an antitax straightjacket and have defined the term so narrowly that cuts are likely to outweigh increases by a factor of three or four to one.
http://www.nytimes.com/2011/07/08/opinion/08fri1.html?partner=rss&emc=rss
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