CBO Says No Deficit Problem
Berkley economist Brad Delong has repeatedly said that "It is a fact that if congress simply goes home--doesn't do anything for the next 10 years except keep the federal government on autopilot--that we do not have a long run deficit problem." While this may sound counter-intuitive, especially given the recent media hype sorrounding raising the debt limit, it is in fact spot on. As Bob Williams notes over at the Tax Policy Center, the recent CBO estimates show emphatically that this is the case. Under current law, our deficit is about 1 percent of GDP by 2015 and is very 'manageable' through 2021.