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The “Fiscal Responsibility” Trap

After Republicans smashed Democrats in the 2010 midterm elections, taking the House of Representatives after four years in the minority, a chastened Barack Obama used his 2011 State of the Union to reach out to the GOP on what appeared to be the party’s major concern. “We are living with a legacy of deficit spending that began almost a decade ago. Now that the worst of the recession is over, we have to confront the fact that our government spends more than it takes in.
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