Actually, Congress was well aware of the long-term deficit implications of the Bush tax cuts. The Congressional Budget Office projections clearly showed that, but Congress and the President were more concerned about pumping some money into the faltering economy in the wake of 9/11. The negative budget projections were the reason the law implementing the tax cuts had them expire at the end of 2010. The Congressional Budget Office's projections (bad as they were) did not include the costs of two wars, which were not envisioned at the time--at least not publicly. So, the bad long term effect of the cuts were made a whole lot worse by two wars that were not paid for.
Originally Posted by oglfp12
[[[[[[[ THUD ]]]]]]]
sorry, I fell out of my chair.
Possibly the FIRST time I've ever heard anyone actually say the tax cuts didnt pay for themselves. Kudos oglfp
to top off the aforementioned, after passing budgets for sums yet known to mankind, the Bush War Cartel and majority congress later passed massive funding requests to continue their agenda that weren't included in the new budgets. Funny how they forgot to fund an ongoing war until a month or so after the budget was in the books.