If there was any lingering doubt that fiscal policy would take centre-stage in this year's presidential campaign, the Congressional Budget Office removed it this week. On January 26th the budgetary watchdog announced that the federal budget surplus (excluding Social Security) could reach $1.9 trillion over the next decade, almost double the estimate of only six months ago. With the sea of black ink swelling so dramatically, the candidates are bound to get excited. Less obvious is whether good sense will prevail.
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