CBO Projects Return Of Massive Federal Deficits

Even to maintain the current level of already excessive debt, which is 75 percent of the economy, would require cuts of $330 billion in 2017.

The economy simply cannot grow fast enough to cover the federal government's generous promises to Americans, the Congressional Budget Office said Tuesday, laying out grim options of massive tax increases or withering cuts to spending that loom ahead. After a few years of post-recession relief, deficits are roaring back, the CBO said, sounding a call to…

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