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Austerity is making the economy worse - MarketWatch First Take - MarketWatch
The stimulus — including tax cuts, grants to state and local governments, increased spending on infrastructure, a reinforced safety net and the automatic budget stabilizers — boosted the economy significantly in 2009 and 2010, but the impact of the stimulus and the automatic stabilizers is now waning. The recent agreement to end the debt-ceiling impasse will put a cap on federal discretionary spending for the next 10 years and it calls for even more deficit reduction from the so-called Super Congress. And, under current law, the Bush-Obama tax cuts will be expiring at the end of 2012.
The stimulus — including tax cuts, grants to state and local governments, increased spending on infrastructure, a reinforced safety net and the automatic budget stabilizers — boosted the economy significantly in 2009 and 2010, but the impact of the stimulus and the automatic stabilizers is now waning. The recent agreement to end the debt-ceiling impasse will put a cap on federal discretionary spending for the next 10 years and it calls for even more deficit reduction from the so-called Super Congress. And, under current law, the Bush-Obama tax cuts will be expiring at the end of 2012.
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