Signatories cite higher spending and tax burden within deficit context

This morning, 200 economists released an open letter to Congressional leaders calling for the health care law to be repealed and replaced.  These respected economists – including former CBO Directors, Federal Reserve economists, White House officials, and a Nobel laureate – all agree that the law includes two ingredients that could significantly damage the economy: More than $500 billion in tax increases at a time of record-high unemployment; and massive amounts of new government spending at a time when the federal government is running trillion-dollar deficits.