Black-ink budgets promise tax relief, better services
The Carter Administration has come up with a novel justification for its planned $61 billion federal budget deficit. It is necessary, officials argue, in part because Uncle Sam should put back into the economy money that states and cities are draining away by running big budget surpluses. The argument is more than a little questionable because these surpluses will not restrain the economy but will spur it by making possible state and local tax cuts and more spending on services. But there is no denying the basic...
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