Choosing the Nation’s Fiscal Future : Hearing before the Senate Budget Committee U.S. Congress

Today’s federal budget policies are unsustainable. Three programs – Social Security, Medicare, and Medicaid – constitute more than 40 percent of spending other than interest in a normal year and all are growing faster than the economy and tax revenues. At the same time, Congress has kept the overall tax burden remarkably constant as a share of gross domestic product for most of the past 50 years. The combination of these factors leads to a growing deficit. This testimony, by a former Congressional Budget Office director, discusses four policy packages that would return the United States to a sustainable budget.

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