Adding $85 Billion to Deficits Over the Next Decade: That Would be Equal to 0.04 Percent of GDP

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The Washington Post is very excited because President Obama proposes to extend a tax break for moderate-income workers through 2019. The cost is projected to be less than $9 billion a year. This is equivalent to less than one month of spending on the Iraq War. The cost of over the 10-year forecasting horizon is equal to approximately 0.04 percent of projected GDP over this period.

--Dean Baker

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