Introduction : the challenge at hand -- At a fiscal turning point -- From whence it came -- Postwar fiscal policy : the gradual demise of fiscal democracy -- From controlling the present to controlling the future -- The four deadly economic consequences -- The three deadly political consequences...

Even after a passage of the 2001 legislation, federal taxes as a share of gross domestic product will fall well within the narrow range that has prevailed since the end of World War II. The bill brought to light the danger of bifurcating the tax and expenditure sides of the budget, and conflicts...