Tuesday, March 13, 2012

Does Obama Have A Secret Plan to Deal with a Debt Crises?

Yes, according to James Pethokoukis at the Enterprise Blog. (H/t Instapundit). In May 2009, the White House asked Peter Orszag, who now works for Citigroup, to draft a memorandum laying out the government's options in the event of runaway deficits leading to increasing interest rates. Although the contents of the memo are not known, Pethokoukis notes that Orszag believes that Americans are undertaxed, and supports repealing all Bush-era tax cuts, as well as a national values-added tax (VAT). So, he concludes, the plan is likely a massive increase in taxes.

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