Roll Call notes Trump Nominates Anti-Deficit Crusader Mulvaney to Head OMB.
This is taken by some to mean that the policies that will be implemented will be less inclined toward enormous budget deficits. I’m skeptical. Those of us who remember the David Stockman/Ronald Reagan years will remember the “magic asterisk” allows for massive regressive tax cuts, minimal actual spending cuts, and forecasted budget balances to be reconciled. From Greider (1981):
The “magic asterisk” would blithely denote all of the future deficit problems that were to be taken care of with additional budget reductions, to be announced by the President at a later date. Thus, everyone could finesse the hard questions, for now.
Either we will see a re-use of the magic asterisk, or, more likely, Republicans will just completely dispense with their hypocritical opposition budget deficits completely (consider EGTRRA/JGTRRA), just as free trade is a notion that has been “disappeared” from the Republican platform. Or, depending on who goes to CEA, “extreme dynamic scoring” (to semi-coin a phrase).