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The good news about U.S. President Donald Trump’s proposed 2020 budget is that it vividly illustrates the basic causes of large, chronic deficits — a mismatch between the government’s commitments and the taxes needed to pay for them. The bad news is that the budget does virtually nothing to close the gap.

“We must protect future generations from Washington’s habitual deficit spending,” Trump said in his budget message. Actually, he would make matters worse.

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