Perhaps the depth of the fiscal chasm we face will impel us to do better. The commission on fiscal reform created by President Obama in 2010 recommended axing many tax expenditures. So did a report by Alice M. Rivlin, a former vice chairwoman of the Federal Reserve, and former Republican Senator Pete V. Domenici of New Mexico. Tax expenditures have been featured regularly on the campaign trail, with both Mr. Obama and Republican frontrunner Mitt Romney promising to slash loopholes to broaden the tax base.
CBO Outlook Update Shows Worsening Deficit
Debt Limit, Federal Budget