On the last day of January 2012, the Congressional Budget Office (CBO) issued its budget and spending projections for the federal government covering the next ten years. The 167-page report is full of economic and spending charts and statistics.
This article provides lots of quotes and details. Here is a summary of the CBO’s most important conclusions:
- The Economy & Unemployment Will Stay Weak or will Deteriorate
- The Deficit May Decrease … Or Not
- Entitlements Must Change
- Subsidized “Tax Expenditures” are Huge
Congress really ought to pay attention to its own report. The data in this report should pay a prominent role in the debate on what to do with these important priorities.