U.S. deficit hawks have become a relic since Sept. 11, 2001. Stimulus spending during several crises was needed, but financial discipline didn’t follow. A race to please voters ensures that trend will continue, GinaChon writes.
Excess spending used to be a hot button for politicians on both side of the aisle. Balancing the budget became a priority in the 1990s during the Republican George H.W. Bush and Democrat Bill Clinton presidencies. Debt actually fell in the months leading up to 9/11.
By the time the 2008 financial crisis hit at the end of Bush’s two terms, caution was thrown aside. Congress passed more than $1.5 trillion in aid in less than six months, just as President Barack Obama took charge. A Republican faction, the Tea Party, forced modest spending cuts in 2013, which helped chip away at the deficit. With a slow recovery, though, the debt load doubled to about $14 trillion.
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