2/10/11 CBO: Deficit Reduction Must Proceed

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The Congressional Budget Office (CBO) projects the 2011 federal deficit at $1.5 trillion under current law. Interest payments on the debt will skyrocket over the next decade, CBO says, just as an aging population and rising health care costs push federal spending higher. The formula for facing this problem is familiar. “To prevent debt from becoming unsupportable,” CBO adds, “policymakers will have to substantially restrain the growth of spending, raise revenues significantly above their historical share of gross domestic product (GDP), or pursue some combination of those two approaches.”

For more information:
http://www.courier-journal.com/article/20110201/COLUMNISTS11/302010013/John-David-Dyche-Serious-talk-about-deficit-reduction-must-proceed?odyssey=mod|newswell|text|Home|s