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House congressional budget fails to address America's fiscal problems

House congressional budget fails to address America's fiscal problems

Here's the United States' fiscal predicament in a nutshell: Under current law, the publicly held debt of the federal government will increase by 4.5 percent of gross domestic product over the next decade, to a historically anomalous 78.7 percent of GDP. Thereafter, the debt will grow steadily, exceeding 100 percent of GDP in 2039, due chiefly to medical and retirement programs for an aging population, plus interest payments. The Congressional Budget Office, which produced these forecasts, says that this scenario would have “significant negative consequences for both the economy and the federal budget.” It's a future in which entitlements and interest gradually...

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