The Wall Street Journal has just published an article entitled “Congress’s Number Cruncher Comes Under Fire.” Here’s our view:
February 2012
We have received many questions about whether potential reductions in spending for overseas contingency operations (OCO), such as U.S. military operations in Afghanistan, can be considered as offsets to reductions in taxes or additional spending for Medicare or other programs. In this blog post, I will try to explain the issues involved.
This morning I testified before the House Budget Committee on our annual Budget and Economic Outlook that was released yesterday. My testimony highlighted many of the points that were included in yesterday's blog post. One point I want to emphasize is the following: The combination of tax and spending policies that the nation has been accustomed to cannot be sustained over the long term.