New tax agreement will add $900 billion to deficit

by Thomas C. Fox

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There is a lot of talk today about the Obama and Republican leadership tax agreement with many observers saying this indicates how the president plans to govern in the next two years. We shall see. But this much we know already.

Take note of this paragraph from today's New York Times

The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing long-term fiscal imbalances