U.S. debt outlook still dark
Despite multiple deficit-reduction deals during the past three years, the national debt is projected to swell to 100 percent of the economy by 2038, due primarily to the enormous cost of caring for an aging society. Making matters worse: tax cuts for the vast majority of Americans made permanent during last year's fiscal cliff showdown. If the tax cuts had been allowed to expire, projections showed the debt dropping to 52 percent of GDP during the next 25 years. Read related article.
Source: ”The 2013 Long-Term Budget Outlook,” Congressional Budget Office. The Washington Post.