Economists Were Opposed to Automatic Spending Cuts - US News and World Report
Most business economists opposed the automatic spending cuts that took effect Friday night amid the gridlock between President Obama and Congress, but they overwhelmingly support efforts to reduce the deficit over the next 10 years, according to a survey released Monday.
The survey of 196 members of the National Association for Business Economics, taken from Jan. 21 to Feb. 13, gave some support to both sides in the U.S. government budget debate.
Republicans’ views won some support, as 56 percent of the economists said deficit reduction should be achieved “only” or “mostly” with spending cuts. More than half, or 58 percent, said the cuts should be focused on entitlement programs, such as Social Security and Medicare.
President Obama also got some backing, as most of the surveyed economists said that spending cuts should be balanced by raising revenue through tax increases. Around 95 percent said that Congress should reform the individual tax code, with 74 percent believing the reforms should “slightly” or “significantly” increase revenues.