Closing the budget gap

Record deficits have been a key issue in the Congressional midterm elections, but it is not clear whether Republican gains could lead to a serious effort at deficit reduction -- which most analysts say will require both cuts in spending and higher taxes.

Record deficits have been a key issue in the Congressional midterm elections, but it is not clear whether Republican gains could lead to a serious effort at deficit reduction -- which most analysts say will require both cuts in spending and higher taxes.

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