WASHINGTON The federal debt will represent 62 percent of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook the nonpartisan Congressional Budget Office released today.
Lawmakers will need to pare spending on Social Security and healthcare in order to avoid tax hikes or big cuts in other federal programs, according to the analysis.
"The driver of this debt is spending," New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee, told USA Today. "Our existing debt will be worsened by the president's new health care entitlement programs . . . as well as an explosion in existing health care and retirement entitlement spending as the baby boomers retire."
Read more HERE.
Lawmakers will need to pare spending on Social Security and healthcare in order to avoid tax hikes or big cuts in other federal programs, according to the analysis.
"The driver of this debt is spending," New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee, told USA Today. "Our existing debt will be worsened by the president's new health care entitlement programs . . . as well as an explosion in existing health care and retirement entitlement spending as the baby boomers retire."
Read more HERE.
