Yesterday Matthew Yglesias reported Elmendorf: Stimulus Now, Austerity Later. "CBO Chief Doug Elmendorf testified today before the Supercommittee and said, sensibly, that “[t]he combination of fiscal policies that would be most effective would be policies that cut taxes or increase spending in the near-term, but over the medium and longer-term move in the opposite direction.” "
"Clearly that leaves plenty of room for disagreement around the margins about exactly which measures to adopt. But if members of Congress were willing to broadly accept Elmendorf’s ideas, we’d have an easy time working out a compromise. Instead, we live in a world where compromise is impossible because senior House aides are running around saying “Obama Is On The Ropes; Why Do We Appear Ready To Hand Him A Win?”"
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