It’s encouraging that this fiscal year’s federal deficit is projected to be $468 billion – a dramatic reduction from the annual deficits of more than $1 trillion during the Great Recession. But it’s still important for Congress and President Obama to pass entitlement and tax reforms, because annual deficits are projected to climb again to more than $1 trillion by 2025. “The reasons for rising deficit projections for the coming years are no surprise, and cannot be fixed by simply cutting waste, fraud and abuse,” said Robert L. Bixby, executive director of the budget watchdog group Concord Coalition. “The population is aging, more older people are eligible for government benefits, health costs will continue to rise, our tax system is an inefficient mess, and interest payments on the federal debt will likely be much higher in the future.” – Phillip Brownlee
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