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Time running out to establish fiscal responsibility in Washington D.C.


The bond market is pressuring Congress to address America’s growing budget issues, with long-term yields hovering around 5%. The Congressional Budget Office has warned that current policies could lead to the debt reaching 120% of GDP by 2035. Options for reducing the deficit include raising the retirement age for Social Security and imposing taxes on higher-income earners. However, even these measures may not be enough to stabilize the debt. The CBO estimates that extending the 2017 Tax Cuts and Jobs Act could add $5 trillion to cumulative deficits by 2034, making it imperative for lawmakers to find ways to offset these costs. The new Treasury secretary has expressed an interest in extending the tax cuts, but it is crucial for any extensions to be revenue-neutral. Lawmakers must prioritize stabilizing the debt to prevent further economic challenges. This editorial will be published by Bloomberg Opinion/Tribune News Service, with an accompanying editorial cartoon by Gary Varvel.

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