Addressing A Potential Recession With Fiscal Policy

Economists Martin Feldstein and Mark Thoma go toe-to-toe on what to do about the recession that's on the horizon. They agree that fiscal policy is the most important part of the answer, though Thomas wants increased spending, while Feldstein wants tax cuts. Right now, it looks like the next year in budget policy might be as bleak as this years. But everything could change if a recession hits or gets close to hitting and there are widespread calls for deploying fiscal policy. Then again, the anti-government alliance (President Bush-House/Senate conservatives) has shown in this year's budget debate that it still wields the power to obstruct, and they aren't known for changing their minds when circumstances are different.
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