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In a letter to House Republican leader John Boehner, White House chief economic adviser Lawrence Summers said Obama "is committed to not repeating the fiscal mistakes of the last eight years."
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Summers in his letter was especially critical of fiscal policies during the Bush presidency.
"Every major policy enacted during this period violated the principle of paying for new proposals," he wrote. "These policy decisions were the primary driver that turned historic projected surpluses into record deficits."
Summers promised to review the Republican suggestions, which included small business tax exemptions and lowering the 15 and 10 percent tax rates for all taxpayers.
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