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CBO Sounds a Warning of American Fiscal Ruin

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The Wall Street Journal
By Chris Jacobs

A recent report from Washington could signal convulsive changes in policyand it has nothing to do with abortion. The Congressional Budget Offices latest analysis of whats needed to put Americas fiscal house in order makes a compelling case for a return to fiscal sanity sooner rather than later.

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CBO examined two scenarios for stabilizing federal debt (relative to gross domestic product) over 10 years. The first would gradually raise personal income-tax rates in equal proportion across the income spectrum. The second would gradually reduce benefit payments for Social Security, Medicare, Medicaid, and ObamaCare. The budget gnomes analyzed each scenario with three different starting dates, with fiscal tightening beginning in 2026, 2031 or 2036.

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