The Congressional Budget Office has released its latest long-term budget outlook. You can read the whole thing here. Want it in one chart? Of course you do:

(Source: CBO)

In the “extended baseline scenario,” which is the one currently written into law, we don’t have a debt problem, but we have much higher taxes and, in the short-term, a likely recession. In the “alternative” scenario, we’ve got a huge debt problem, but lower taxes and less short-term austerity. Here’s more from Lori Montgomery.