In a letter to House Republican leader John Boehner, White House chief economic adviser Larry Summers said President Barack Obama "is committed to not repeating the fiscal mistakes of the last eight years."
"Every major policy enacted during this period violated the principle of paying for new proposals," he wrote. "These policy decisions were the primary driver that turned historic projected surpluses into record deficits."
Since Obama has new proposals across the board, does this mean that "the principle of paying for new proposals" will mean new taxes every time Obama has a bright new idea? I think so.
Once healthcare is passed, brace yourself. Then come the taxes, to correct for Bush's errors, of course. It should be noted that government spending can be cut to reduce deficits, something not liikely to occur to any serious degree.
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