In ‘Black Liquor,’ a Cautionary Tale for Deficit Reduction 0 researchok EconomyJuly 2012Saturday, July 21, 2012 at 1:02 am PDT • Views: 1,201 nytimes.com More Budget Deficit Deficit Reduction Federal Deficit Conservative Republicans Black Liquor Automatic Military Spending Income Tax Rates Federal Tax Receipts Sweeping Deficit Reduction Tax Expenditures Unidentified Loopholes