It’s official: the era of permanent trillion-dollar federal deficits is coming and skyrocketing debt is upon us.
If you have kids, if you‘re planning your retirement, if you own a small business, the recent report from the non-partisan Congressional Budget Office should scare you.
The report says our national debt and federal deficits are growing much faster than we previously thought. By 2020, we’ll be adding over a trillion dollars a year to the national debt. The accumulation of these deficits will drive up the publicly held debt by over $13 trillion over the next decade.
But there is still hope. Congress and the President need to get the message and work together to enact significant reforms that put the debt and deficit on a sustainable path.
Here are 5 ways Congress should respond to the new report:
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