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Potential of the u.s. treasury. john lay field. automatic cuts may not be the best way of cutting spending, but they cut spending, is that good? yeah, but it s nothing. brenda, we ve got to look at this. what jonas is talking about is spot on. these guys ran on tax increases and what they did was extend the bush tax cuts, they ran on spending cuts and having to over the next decade, we re running trillion dollar deficits, by the cbo and president obama s budget in ten years from now talking about cutting 1 trillion out of that 48 trillion dollars. this is absolutely nothing. it doesn t even move the meter. brenda: well, steven, in the short-term this good or bad for the economy? in the short-term it clearly is not good. the economy grew at a negative rate and if it s in the last quarter, if it does at that two more quarters we re back in recession, but the short-term is nowhere near as ....