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Ron Paul's Texas Straight Talk 6/11/12: The CBO Sees the Economic Cliff Ahead
• www.dailypaul.comThe CBO report for fiscal year 2013 is discussed.
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The CBO Sees the Economic Cliff Ahead
Last week the Congressional Budget Office (CBO) issued its annual
long-term budget outlook report, and the 2012 numbers are not promising.
In fact, the CBO estimates that federal debt will rise to 70% of GDP by
the end of the year-- the highest percentage since World War II. The
report also paints a stark picture of entitlement spending, as retiring
Baby Boomers will cause government spending on health care, Social
Security, and Medicare to explode as a percentage of GDP in coming
years.
Continued
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