Word: deficit
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...TAXES $500 billion THE BILL FOR THE DEFICIT IS DUE. YET EVERYONE'S FOR TAX CUTS...
...general, we levy taxes not to ease income inequality but to fund government. They haven't quite been doing the job lately: for the 2008 fiscal year, which ends in September, the government will probably spend $500 billion more than it takes in, a deficit of 3.5% of GDP. That should shrink when the economy starts growing again, but it's not going to disappear without either big cuts in spending or substantial tax increases...
...reductions in tax rates on income, capital gains and corporate dividends that President Bush pushed through in 2001 and 2003 are due to expire in 2010. That could prove a tough blow for a still wobbly economy to weather, but it would help shrink the deficit over time...
...McCain wants to stay the course in Iraq. And despite his admirable record of fiscal probity in the Senate, his campaign statements about the deficit have been less than convincing. He wants to extend the Bush tax cuts that he once opposed - and add a few more of his own, saying he'll make up the difference by cutting "wasteful spending." But even eliminating the pork-barrel congressional earmarks that McCain has long criticized would make only a dent in the deficit...
...deficit quandary is one for which none of the candidates have an entirely convincing answer - at least not yet. Unlike the current President, though, the winner in November may be forced to arrive at one once in office...