CBO: Current Law Brings 55% Increase in Annual Spending, $4.25T in New Debt--And Record TaxationBy Terence P. Jeffrey
Dec. 06, 2012
Sweden: Migrant Baby Boom Packs Hospitals; Somali's Birthrate 3.9, Native Swede's 1.8
Justin Trudeau: "I'm a Proud Feminist," Muslims "Essential" to Canada's Success
Trump On EU: 'People Want Their Own Identity,' Don't Want Migrants 'Coming In & Destroying' Them
UK Mom 'Cheats On Husband With Migrant' While Volunteering At Calais Jungle
Matt Lauer Says He 'Burst Out Crying' Watching Obama Award Biden Medal of Freedom
If Congress allows current laws signed by President Barack Obama to stand and follows the fiscal path they have set for the next decade, federal tax revenues will rise to a record level as a percentage GDP, according to the Congressional Budget Office, but annual federal spending will also increase by 55 percent and continuous deficits will require Congress to lift the federal debt limit by another $4.25 trillion even as the government rakes in unprecedented tax revenue.