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Author: TheDope1 Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1977506  
Subject: Despite cliff deal, deficit will still blow up Date: 2/7/2013 11:25 AM
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http://washingtonexaminer.com/cbo-report-settles-budget-deba...

Taking into account the flood of new tax revenue from the "fiscal cliff" deal that raised taxes on higher income earners, and assuming that scheduled deep defense cuts go into effect, the CBO still projects that the national debt will skyrocket over the next decade. The reason is that spending on programs such as Medicare, Medicaid and Social Security will soar, and in turn increase the burden of interest payments. Let's just take a look at the numbers.

Yep. Can't cut defense exclusively and expect to balance the budget. Ain't. Gonna. Happen.

Despite the fact that new tax revenue will be drastically outpacing growth in the defense budget, the nation is still projected to accumulate an additional $7 trillion in deficits over the next 10-year period, bringing the public debt to $20 trillion. The cause of that debt, therefore, cannot be taxes that are too low or defense spending that's too high. In fact, by 2020, Congress could vote to eliminate all military spending and it wouldn't even be enough to cover interest payments on the national debt.

Entitlements are the real driver of deficit spending, and they're only going to get worse. Time for the democrats to wake up and do their damn jobs.
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