The Budget Outlook Is Even Worse Than the Official Projections

The federal debt recently passed the $22 trillion mark at almost the same time the Congressional Budget Office released its latest long-term budget outlook showing that even worse budget numbers are coming down the pike, with forecasts of an additional $11.6 trillion in debt over the next decade. But even that CBO forecast is overly optimistic, as an honest accounting would show trillions more in red ink. And yet, few politicians are taking this fiscal reckoning seriously.

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