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Monday, February 27, 2012

CBO: Choices for Federal Spending and Taxes

Douglas W. Elmendorf CBO(Director, Congressional Budget Office), Choices for Federal Spending and Taxes (Presentation at Harvard University) (Feb. 24, 2012):

By the end of the coming decade, unless we cut federal spending apart from Social Security and the major health care programs below the unusually low share of GDP it is already projected to reach, stabilizing federal debt relative to GDP will require us to cut spending on Social Security and federal health care programs by about one-quarter, raise taxes by about one-sixth, or do some combination of those approaches. That’s the fundamental choice we face.

http://taxprof.typepad.com/taxprof_blog/2012/02/cbo-emchoices.html

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