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News Link • Government Debt & Financing

Taxation Without Penetration

•, By Matthew Yglesias
 Some years ago, I recall reading a series of trend pieces about how teens these days are engaging in rampant oral and anal sex in an effort to preserve their status as “technical” virgins. This turns out to not be the case. Nobody is really that dumb—kids just experiment with a wide range of sexual activities all at once. They don’t base major decisions on a set of meaningless distinctions.
One can only wish that House Budget Committee Chairman Paul Ryan and his allies in the GOP caucus had that much sense. But it doesn’t seem so, judging by the deal they brokered late last night with Senate budget chair Patty Murray and her team.
The deal, which is certainly better than sticking with the status quo, reverses about $45 billion worth of sequestration next year and about $20 billion worth of sequestration the following year. Half of that extra spending will go to the military, and half to the nondefense discretionary portions of the budget. That’s good news for the economy, because that $65 billion will be offset by increased revenues and lower spending over the longer term—exactly how an economist would say the offsets should be structured.

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