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Federal Debt and the Risk of a Fiscal Crisis, by The Government

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Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels, says The Government, specifically, the Congressional Budget Office.

What happens then? Why, the nation dissolves into a handful of Clan-ruled provinces policed by warlords while we battle against competing tribes for food and resources, silly. Don't you remember? We covered that this morning. But hey, that's just a crazy, former WSJ editor and Assistant U.S. Secretary of Treasury talking. The real government says it's more likely we would "need to enact spending cuts or tax increases more drastic and painful than those that would have been necessary had the adjustments come sooner." That's all.
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