@ Brookings Podcast: The Budget Deal Won’t Solve Long-Term Deficit Problem

Whether or not the congressional “super committee” appointed by Congress succeeds in finding more than a trillion dollars in deficit reduction by Thanksgiving, the nation’s budget woes will remain far from over. William Gale, senior fellow and co-director of the Urban-Brookings Tax Policy Center, argues that the budget deal that created the super committee is full of loopholes—and whatever the committee does, Congress can undo in subsequent action. Gale says the only real answer is a disciplined combination of raising new revenues, reforming taxes and cutting spending.