Here is a very good discussion of the politics of deficits and debts. This video from Yahoo! Finance looks at the fight over the budget in Washington:
Notice that Dan Gross states that the the Obama administration as well as a fair number of Democrats stand shoulder to shoulder with the Republicans in opposing any taxes on the rich. This despite 70% majorities in the polls saying "Tax the hell out of gazillionaires!" to fix the budget deficits.
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