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both parties have a plan for the debt crisis: do nothing

both parties have a plan for the debt crisis: do nothing News Article With The full text news and with Resource Link at the bottom of the text and you can View this News Article in the source page.



both parties have a plan for the debt crisis: do nothing

the congressional budget office last week released its annual budget and economic outlook report, and although the news was gruesome, the report was greeted in washington with a giant yawn. the assumption among republicans and democrats is that the political rewards for curbing runaway budget deficits are too meager to justify the risks. there’s a consensus to do nothing — and to hope that nothing goes disastrously wrong.just how large are impending deficits? here are the cbo projections.from 2019 to 2028, the federal government will run cumulative annual deficits of $12.4 trillion. the deficits — the gap between what government spends and what it collects in taxes — average about 5 percent of the economy (gross domestic product, or gdp). since 1950, deficits have equaled or exce...