Congress‘ chief scorekeeper warned Wednesday that the country’s top lawmakers can’t continue to put off big decisions on the budget and the economy much longer, and said either path — belt-tightening now or even deeper cuts later — will be painful.
The Congressional Budget Office,
which released its annual August update, said the deficit for fiscal
year 2012 is pretty much set at more than $1.1 trillion — the fourth
straight year of trillion-dollar deficits, dating back to the end of
President George W. Bush’s term and covering all of President Obama’s 3½ years in office.
Now, Congress and Mr. Obama are grappling with 2013 and beyond, and CBO
said their options range from immediate belt-tightening and a
double-dip recession that clears the economic and fiscal air, to
continuing to pump money into the economy and delay, but likely worsen,
an eventual reckoning.