Outside the rarefied world of election campaigns, real life grinds on relentlessly.
Big Promises Bump Into Budget Realities
New President Won’t Have an Easy Time Paying for New Initiatives, Fiscal Experts Say
By Lori Montgomery | Washington Post Staff Writer | Saturday, June 21, 2008; Page A01
On the presidential campaign trail, Democrat Barack Obama promises to “completely eliminate” income taxes for millions of Americans, from low-income working families to senior citizens who earn less than $50,000 a year.
Republican John McCain vows to double the exemption for dependents and slash the corporate income tax.
To which the folks who monitor the nation’s financial situation can only say: Good luck. Because, back in Washington, tax collections are slowing, the budget deficit is rising, and the national debt is approaching $10 trillion. Whoever wins the White House this fall, fiscal experts say, is likely to have a tough time enacting expensive new initiatives, be they tax cuts or health care reform. …
President Bush, who seems to be spending his last year in office trying to create a legacy, has already done so, indelibly. He’s going to leave the nation with greater fiscal obligations, and fewer means with which to meet them, mainly due to his Iraq needless nightmare, than ever before.