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Here’s the U.S. Deficit’s Next Victim
The Congressional Budget Office recently produced revised projections. In short, it raised its federal deficit estimate for fiscal 2015 to $486 billion, compared to $468 billion in the previous projection. That means 2015’s deficit will now be larger than 2014’s – even though the economy is expanding nicely and unemployment is trending down. Now, with projected deficits reaching $1 trillion in 2025, this issue will eventually have to be addressed. And when it is, one clear victim will emerge….the opportunities for budget savings are concentrated in Medicare and social security payments – along with other programs that benefit mainly senior citizens. Read More…