Are We There Yet?: On a Path to Closing America's Long-Run Deficit
New York University School of Law
October 1, 2012
Tax Notes, Vol. 137, No. 1, 2012
NYU School of Law, Public Law Research Paper No. 12-57
NYU Law and Economics Research Paper No. 12-36
Many decry the fact that policymakers are nowhere close to addressing the long-term fiscal shortfall and as evidence they point to the Congressional Budget Office’s projection of enormous long-term deficits under current policy. This report contends that the minimum deficit reduction incorporated in leading progressive and conservative budgets can put us on a path toward closing the long-term deficit. A significant gap would remain even if consensus were fully realized. However, this report describes a plausible path for further cutting the long-term deficit, as well as important revenue and spending backstops. Finally, it explains that while the country can and should try to reach a fiscally sustainable path, because of the uncertainty surrounding many of those reforms — especially the restructuring of the healthcare system — we cannot expect an immediate solution.
Number of Pages in PDF File: 19
Keywords: federal deficit, budget, tax, spending
JEL Classification: E62Accepted Paper Series
Date posted: October 6, 2012 ; Last revised: October 23, 2012
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