To no one’s surprise, members of the Joint Select Committee on Deficit Reduction, aka the supercommittee, announced Monday that they had failed to agree on a $1.2 trillion debt reduction plan. As a result, no additional spending cuts or tax hikes will go into effect this year. True, there are $1.2 trillion in mandated spending sequestrations that will begin to take effect in 2012, but these are almost guaranteed to be repealed by a future Congress.
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Today is the 100th anniversary of the birth of Ronald Reagan, and it is being commemorated in so many places around the nation and in such a variety of ways as to suggest it is a national holiday in the making. That would be fitting, considering the many notable achievements of America’s 40th president. One of the lesser-known Reagan achievements was the remarkable degree to which he was able to reduce the size of federal spending, relative to the nation’s gross domestic product.
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Tea party candidates, we are told, are unelectable crazies who propose such nutty things as cutting federal spending, reducing federal taxes, even abolishing chronically failing government operations like the Department of Education. But who knew that federal bureaucracy’s biggest enemy would turn out to be President Barack Obama?
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