Posted on 20 December 2012.
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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