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PROMISES, PROMISES: Obama $4 trillion deficit-cutting plan rests on iffy assumptions
The issue: Even after a hard-fought deficit-cutting deal in 2011 and a tax-increase measure in January, Washington still has a considerable way to go to wrestle intractable budget deficits under control. The Congressional Budget Office estimates cumulative deficits of roughly $7 trillion over the coming decade and warns “such high and rising debt would have serious consequences,” including higher interest costs for the government, reduced national savings and investment and a potential fiscal crisis. Read more…