The agency says its future-year predictions of tax revenues are more pessimistic than the administration's. That's because CBO projects slightly slower economic growth than the White House. The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.A deficit that large, every single year for the next ten years will double the size of the national debt. That is unsustainable by any measure, and will cause this country to have a budget crisis of epic proportions. It's time to get our political "elites" attention and let them know that we will not have spending like this any more.
It's well past time for a a balanced budget amendment be added to the Constitution. This Congress has made a mockery of PayGo legislation that can easily be side stepped by labelling it as an "emergency" provision. Thus cuts don't have to be made elsewhere in order to make up for that specific bill.
Vote smart, relect no one.