On today’s episode of MSNBC’s Morning Joe, we discussed the different Republican and Democratic deficit reduction plans, from Bowles-Simpson to the President’s plan, and debated the likelihood that President Obama will “fold” on the debt deal—as Pat Buchanan feels —or hold his ground and push through a deal that will include the badly-needed revenue enhancers that are our only chance of actually reducing the deficit. It is amazing to me how many people believe that we can address our fiscal challenges without doing something on the revenue side. George W. Bush pushed through tax cuts that now cost about $400 billion per year while increasing spending by 8% per year. That combination was fiscally irresponsible and unsustainable. See the video here:
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