Deficits Are a Result of Too Much Spending-Not Too Little Revenue
Federal spending is projected to grow at a rapid pace beyond the 10year budget window as spending on interest on the debt, health care programs?such as Medicare, Medicaid, and Obamacare?and Social Security reach unsustainable levels without reforms. Deficits will explode because of higher spending, even as tax revenues exceed their average historical level.
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PERCENTAGE OF GDP
Source: Congressional Budget Office.