Looking Back at the O'Neill Report Story aired: Thursday, May 29, 2003
By now a lot of us know that many economists believe in the wake of the new tax cuts, the federal budget will go deeper and deeper into deficit.
Just how deep was calculated in a report released late last year by former Treasury Secretary Paul O'Neill. He determined there will be a chronic future federal deficit totaling at least $44 trillion.
This assessment was not included in President Bush's annual budget report for fiscal 2004 presented in February, and some say it was withheld because it would have argued against tax cuts.
To learn more about the O'Neill report, Here and Now is joined by Laurence Kotlikoff, chairman of the department of economics at Boston University.
Guests:
Laurence Kotlikoff, chairman of the department of economics at Boston University.
