Want to know why the budget deficit is enormous and growing? One reason is that when one political party in Congress proposes new tax cuts or new spending, the other party offers its own deal in return: We’ll accept your tax cuts and new spending but only if you agree to ours. And neither side tries to offset the costs with new revenues or spending cuts.
To see how it works, watch two classic examples as Congress scrambles to wrap up its work for the year.
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