THE REPUBLICAN IN THE RACE:

The fiscal policy debate in the 2016 presidential election (yes, Virginia, there is a policy debate, even if you can't hear it through the noise) has come down to a familiar question: Do deficits matter?

Donald Trump and his policy proposals argue strongly that they do not while Hillary Clinton appears to believe that they do--sort of.

Let's start with Clinton. While she has proposed a long list of new tax subsidies and spending programs for everything from child care and education to caring for aging parents, she has carefully offset her new programs with tax increases on high-income households. The result: A modestly ambitious domestic agenda that largely pays for itself.

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