![]() The most recent example of how popular debt reduction has become occurred last Tuesday, when President Clinton called a press conference to announce that his fiscal 2001 budget would eliminate the federal debt two years earlier than previously planned. Reducing the debt has now become not only a policy choice, but in many cases the policy choice. One of the most surprising changes in the past two years has been the unexpected interest voters expressed in using the surplus to pay down the federal debt rather than cutting taxes or increasing spending. Reducing The Debt Instead Of The Deficit. Unfortunately, because of the extraordinary uncertainty of long-term federal budget forecasts, this means any proposals that are enacted may ultimately be implemented under vastly different fiscal circumstances than had been anticipated. Because of that, congressional and White House proposals are often discussed in 10-year terms so that the total tax or spending changes seem much more impressive. That puts fewer cookies in the budget cookie jar for tax or spending changes, so the immediate debate is far more limited. The biggest change in last year's debate was from what, if anything, to do with the total budget surplus to what should be done with just the "on-budget" surplus, that is, the part of the surplus that is not attributable to Social Security. On-Budget Surplus Instead Of Total Surplus. And if it is difficult now, try to imagine how much harder it will be when the economy is not doing well, and Washington has to figure out whether the typical responses of the past-such as a tax cut or spending increase-will remain appropriate. The biggest change is that the question to answer is no longer, "How should the deficit be reduced?" But rather, "What should be done with the surplus?" While this may seem like just the mirror image of what has been discussed for years, the new debate is actually much tougher. Now, however, it has become substantially-perhaps even totally-different from the ones typical of the 1980s and early 1990s. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Federal budget debate has been changing ever since the deficit started to fall so quickly. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. ![]() ![]() Standard Digital includes access to a wealth of global news, analysis and expert opinion. ![]() During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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