How to Measure the Quality of a Budget Deal

Ezra Klein, Bloomberg
Is the deficit reduction deal being negotiated by U.S. President Barack Obama and Speaker of the House John Boehner likely to be small-ball, medium-sized or a massive grand bargain that restructures the federal budget? Or is all the talk of deficit reduction misleading, camouflaging a deal that would actually increase deficits dramatically?The answer is all of the above.Measuring these deals is a frustrating exercise in a subspecialty of physics known as budget relativity. For example, viewed from one angle, the tentative Obama/Boehner deal is surely small-ball. It includes about $ 1 trillion…

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