Avoiding a Debt Crisis

By Robert Samuelson

WASHINGTON — 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… …read more

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