The International Implications of Paying Down the Debt
The debate about what to do with the projected substantial federal budget surpluses over the next 10 years focuses on three basic options: cut taxes, increase expenditures, and retire or pay down federal debt. The result will be a combination. The issue is that of relative proportions. Larger tax cuts imply that a smaller share of projected surpluses will be devoted to increasing expenditures or paying down debt. Paying down more debt means that tax cuts or expenditure increases will have to be smaller.
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