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Thursday, July 21, 2011

A substantive critique of the debt reduction plan offered by the "Gang of Six" in the Senate, from Keith Hennessey. He is doubtful that the suggested changes in tax deductions will raise the revenues enough to allow reductions in marginal overall rates, while also pointing out that no major changes to Social Security or Medicare are made, essentially suggesting that the plan does nothing more than kick the can down the road for another decade via tax increases. Somehow I don't think Congressional Republicans are going to go along with this.

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