Reagan Budget Director Rings Alarm on Spending
If the GOP really wants to tame the federal budget problems, they've got a tall task on their hands politically. Former Reagan Budget Director David Stockman paints an ugly picture, arguing that even after cutting everything you can cut, immediate tax increases are needed.
"We've drifted now for 30 years. Both parties, unfortunately, became free-lunch parties — the Republicans cutting taxes every time they had a chance, never doing anything about spending, and the Democrats digging in to defend everything that was there. As a result, we now have this massive deficit."