Who Really Won the Clinton-Gingrich Budget Showdowns?: Echoes
By Jonathan Alter
August 3, 2011
I agree with what Amity Shlaes says, in her last post, about the immediate future: the pressure is now on for even more deficit reduction. But her rosy view of Newt Gingrich and the 1990s leaves a lot out.
First, wind back the clock to the summer of 1993, when Bill Clinton was a new president and the Democrats had control of Congress. Building on the historic budget deal that President George H.W. Bush completed in 1990 (Republicans hated it because he went back on his “read my lips” pledge, but it began a decade of fiscal responsibility), Clinton fought for his own budget. It included tax increases to bring down the deficit. Read More…