We’ve Been Here Before

Answering President Clinton’s challenge, Congress finally got serious about the budget deficit and seemed on the verge of passing his plan to reduce the deficit by nearly $500 billion over five years. Somehow, this all seems terribly familiar. Other “final” and “courageous” deficit-cutting measures that didn’t cut the deficit: 1985’s Gramm-Rudman-Hollings law and the 1990 “budget-summit deal.”

CHART: NOT AVAILABLE

CREDIT: NO CREDIT

CAPTION: Budget deficit