According to the traditional view of government debt,a tax cut without a cut in government spending:

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According to the traditional view of government debt, a tax cut without a cut in government spending will increase the budget deficit, which will lead to an increase in interest rates. This, in turn, will cause a decrease in private investment and a decrease in consumption in the long run. However, in the short run, the tax cut will increase disposable income and lead to an increase in consumption. Therefore, consumption will be raised in the short run but lowered in the long run.

According to the Traditional View of Government Debt,a Tax Cut