A Really Big Deficit

The message from the end of the year deficit number is clear: we must start planning how to get the deficit under control. A $1.4 TRILLION deficit is nothing if not a trumpeting wake up call.

All the finger pointing about who is to blame for the deficit* is a lame excuse for not taking action to fix the problem. Congress and the White House must work together to quickly announce a deficit reduction plan to be phased in slowly so that it will not disrupt the economic recovery. Further delay could easily lead to a fiscal crisis. Happy Fiscal New Year.
 
* This administration inherited a dismal economic and fiscal situation, and their policies are making it worse. Bottom line: there is plenty of blame to go around.

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Congress Should Avoid a Costly End-of-Year Package

With debt nearing record levels, interest payments surging, and major trust funds approaching insolvency, Congress should avoid worsening our already unsustainable fiscal situation during the Congressional lame duck session. Instead, lawmakers should begin making progress on the debt either by enacting savings or implementing process reforms.

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