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The Battle of the Budgets

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Say you’re running a business, and you find yourself awash in red ink. You realize it’s time to retool your approach, and fast. So you ask two different employees to each come up with a budget. You’ll go with whoever writes the best plan.

What are the chances that one of them will submit a budget that never puts you in the black? That suggests you raise prices and spend still more money? Practically nil.

Yet that’s exactly what the Senate expects the federal government to do. Its recent budget proposal doesn’t even attempt to restore balance. Spending would go up...