Subject: txt nsec sclm bbro mny -
"The ‘Status Quo' is not an option. We face large and growing structural deficits largely due to known demographic trends and rising health care costs. GAO's simulations show that balancing the budget in 2040 could require actions as large as cutting total federal spending by 60% or more, or raising federal taxes to two times today's level."
Source: 2007 Government Accounting Office report, Saving Our Future Requires Tough Choices Today.
[And this before the age of Obama.]
CBO's estimate of additional deficits over 2010-2019 from the House's health reform bill: $1.042 trillion. (Source: CBO, see Table at end.)
CBO's estimate of the increase in the 2010-2019 cumulative deficit of President Obama's budget over a "baseline" (current-law) budget: $4.698 trillion. (Source: CBO, see Table 1-1.)
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