Quote:
Originally posted by Captain
the most significant component of which was the 1993 deficit reduction legislation.
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Dems keep referring to this act was so significant. During this year we increased spending but increased taxes even more. After the Republican took control we were able to get rid of the rest of the deficits by not raising taxes (and even cutting some). After the 1993 budget act long term interest rates stayed high (I think they even increased). It was only after a Repub congress did long term interest rates come down and growth really picked up thereby balancing the budget.
