In this blog post he gives one of the clearest and most honest explanations I've seen. He gives blame to both parties where blame is due. But if you're one of those who say you don't like the Republicans on social issues, but vote for them because of their fiscal policies, pay attention. Republicans talk a lot about cutting spending, and they do cut taxes, but what happens is they cut taxes, don't cut spending, and so increase deficits.
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