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Do budget deficits affect long-term interest rates? U.S. federal budget deficits are back big...

GLENN HUBBARD

Former Chairman of the Council of Economic Advisers under President George W. Bush, Russell L. Carson Professor of Economics and Finance at Columbia University, and Research Associate of the National Bureau of Economic Research and the American Enterprise Institute

President Bush has proposed a tax cut to shore up near-term growth prospects and raise output in the long tern. The Council of Economic Advisers estimated that the proposal would add about a percentage point to GDP growth this year and next. As I describe below, my own calculations s

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