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Prominent Republicans Are Calling For Mix Of Spending Cuts And Revenue

It may help that the Very Serious NY Times is pointing out that not every Republican thinks refusing to raise taxes is the best plan to help the economy: WASHINGTON — The boasts of Congressional Republicans about their cost-cutting victories

It may help that the Very Serious NY Times is pointing out that not every Republican thinks refusing to raise taxes is the best plan to help the economy:

WASHINGTON — The boasts of Congressional Republicans about their cost-cutting victories are ringing hollow to some well-known economists, financial analysts and corporate leaders, including some Republicans, who are expressing increasing alarm over Washington’s new austerity.

[...] Among those calling for a mix of cuts and revenues are onetime standard-bearers of Republican economic philosophy like Martin Feldstein, an adviser to President Ronald Reagan, and Henry M. Paulson Jr., Treasury secretary to President George W. Bush, underscoring the deepening divide between party establishment figures and the Tea Party-inspired Republicans in Congress and running for the White House.

“I think the U.S. has every chance of having a good year next year, but the politicians are doing their damnedest to prevent it from happening — the Republicans are — and the Democrats to my eternal bafflement have not stood their ground,” Ian C. Shepherdson, chief United States economist for High Frequency Economics, a research firm, said in an interview.

As for the longer term, Ethan Harris, co-head of global economics research at Bank of America, wrote this week that “Given the scale of the debt problem, a credible plan requires both revenue enhancement measures and entitlement reform. Washington’s recent debt deal did not include either.”

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