Bush Makes Up for Tax Cuts With More Spending: John M. Berry

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Over the last 5 years, debt held by the public rose by more than $1.5 trillion, to $4.84 trillion, a 46% increase. What does it cost the Treasury to finance an additional $1.5 trillion? Even with today's unusually low level of longer-term interest rates, probably around $70 billion/yr. Essentially, that's the cost of lowering taxes without curbing spending.

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