Over the course of 2020, the federal government spent a massive amount trying to deal with the economic fallout of the pandemic. Republicans and Democrats agreed that in the face of crisis, America needed to put the fire out first, worry about all the water they were using later. But in 2021, people are beginning to worry about these giant costs, especially coming on top of the existing federal debt. Republicans say it’s a looming problem, Democrats say that’s just an excuse to oppose progressive priorities. So who’s right? Or do they maybe both have a point? Manhattan Institute budget expert Brian Riedl explains in this edited transcript.