OUR TWO REPUBLICAN PARTIES:

Joe Biden's first order of business as president will be convincing Congress to approve massive new government spending to pull the country out of an economic crisis. But the man he has put in charge of his economic policy was on the side of deficit hawks during the last recovery, which is sparking concern among progressives now.

Brian Deese, who will become National Economic Council director, talked extensively about the need to curb government spending as deputy NEC director under President Barack Obama, over the protests of many Democrats.

Deese also irked progressives by helping to push landmark 2012 legislation rolling back financial regulations that was billed as good for economic growth. And he faced questions about why the administration was offering to cut corporate tax rates in return for closing loopholes.

As the economic recovery is already beginning to stall with millions of Americans out of work amid the resurging coronavirus, Deese's record is stoking fears on the left that Biden's administration will follow the same Wall Street-friendly policy playbook as Obama, which they say ultimately resulted in a drawn-out, sluggish and uneven recovery after the financial crisis.

"It is disturbing and discouraging to see people in key positions in the White House who played such a prominent role in getting us to where we are now," said Consumer Federation of America director of investor protection Barbara Roper, about the impact the 2012 deregulatory push had on financial rules. 

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