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9-27-2009 8:35 AM
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merrie says:
a Washington-based public policy group, is convening a meeting of economic policy experts Sept. 30 to discuss the long- term fiscal deficit.

The Congressional Budget Office estimated in August that the budget deficit will be 11.2 percent of gross domestic product, the highest since World War II. Clinton, facing a deficit of 4.2 percent of GDP, pushed Congress to raise taxes on the wealthy to help trim the shortfall.

“He passed it without a single Republican vote,” Podesta said. “It led to the longest period of growth in the United States history.”

Ending Tax Cuts

Podesta said Obama will begin by ending the upper-income tax cuts enacted under his predecessor, President George W. Bush. “Then you have to look at whether that gets you far enough of the way,” he said.

On health care, Podesta expressed optimism that Congress will pass a health-care bill in the next couple of months even though so far none of the measures has won Republican support and Democrats . .
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9-27-2009 8:38 AM
merrie
. . are squabbling over whether to include a government-run program to compete with private insurers.

“We’re in a narrow track now between the ideas that are being debated in the finance committee and those being debated in the House,” Podesta said.

If Maine Senator Olympia Snowe, a Republican who has been working closely with Democrats on compromise legislation, votes for a bill, “that really advances the cause forward,” he said.

Delay

Senate Finance Committee Chairman Max Baucus put his panel to work drafting a proposal this week after months of seeking agreement with Snowe and other Republicans. So many amendments were filed by members of both parties that Baucus pushed the co...
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