Washington, D.C.–(ENEWSPF)–January 8, 2013. Three-quarters of the $2.4 trillion in deficit reduction in recent years has come from spending cuts, not tax increases, according to a new analysis from the Center for American Progress released today. The new analysis undercuts conservative claims that the $630 billion in higher taxes under the “fiscal cliff” deal is a reasonable limit or upper-bound for government revenue. Indeed, any balanced approach to further deficit reduction must take into account that the vast majority of actions taken so far have been on the spending side—and that new revenues must be central to negotiations going forward.
