On September 23, 2004 THE NEW YORK TIMES reported that both Republicans and Democrats have put ideas of controlling the deficit aside until after the election. On Wednesday, September 22, a bipartisan group of Congressional leaders agreed to extend $145 billion in tax cuts sought by President Bush without trying to pay for them on the balance sheet. Pete Peterson joins NOW on September 24, 2004 to talk about how the federal deficit is "a fiscal economic crisis in the making." Candidates and citizens are consumed with the very idea of taxes and what those tax dollars pay for. As the budget deficit grows larger, the debate over deficit funding grows louder. Hear from conservatives for and against deficits and explore some suggested solutions from Brookings Institute scholars Alice M. Rivlin and Isabel Sawhill. You can find an estimate of each debt per citizen at the U.S. Debt Clock. Make use of NOW's coverage of the U.S. economy to get the facts, review opinions and find out what's going on in YOUR neighborhood with your tax dollars. Debate — The Deficit and the Inheritance Tax Facts and Figures — Your Tax Rate vs. Top Corporations Resource Maps — Federal Contract Dollars in Your State Features and More — The Alabama Tax Referendum, Conservatives on Big Government

DEBATE: Conservatives square off against conservatives on the deficit. Plus, two sides on the tax cut. And, who's for and who's against the inheritance tax? FACTS AND FIGURES: Check in on the economic costs of war. Compare your tax rate with that of major corporations. Just how big is the deficit getting? RESOURCE MAPS: Where's your state cutting spending to make ends meet? Find out how much federal money is coming into your state. FEATURES: In "Tax Justice" and Alabama Governor proposes a new tax. Offshore Shell Game: the story of corporate tax havens. The American Conservative Union's David Keene.