A bipartisan summit is the best way to address debt, make Social Security solvent
Summary
The U.S. federal budget deficit is expected to grow significantly over the next two decades because of lower taxes and higher government spending. To fix this problem, experts say the country will need to both raise taxes and reduce some benefits like Social Security.Key Facts
- The budget deficit could equal 120% of the country's total economic output (GDP) by 2036.
- By 2046, the deficit may grow to 175% of GDP.
- Tax cuts have lowered government revenue.
- Increased spending has added to the deficit.
- Fixing the deficit will require higher taxes.
- It will also require lowering some government benefits.
- Social Security is one benefit that may need changes.
- A bipartisan political meeting is suggested to find solutions.
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