The Obama Administration faces not one but several dilemmas. First is the huge issue of preventing the current downturn from turning into a very deep and long-lasting worldwide recession. State governors are running to Washington for help with their own budget crises, while Democratic supporters are clamoring for the spending increases and tax cuts they were promised during the campaign. Unfortunately, the long-term federal budget is so unbalanced that even if the nation were experiencing good times, able to avoid more tax cuts or spending increases, and in a position to enact the types of budget reforms that President Clinton did in 1993, it would still be way behind the fiscal eight-ball.
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