It will be recalled that in 2002, Vice President Dick Cheney famously told Treasury Secretary Paul O'Neill that the economic lesson of the Reagan administration had been that "deficits don't matter."

Democrats, who'd suddenly became deficit hawks during the economic boom of the 1990s when the Clinton administration managed to leave the budget in surplus, argued that the Bush administration tax cuts of 2001, coupled with cost of the war in Afghanistan and the looming war in Ir ...

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