The U.S. must either cut the dollars given to entitlement programs or increase taxes. Alternatively, a combination of those would work. Striking that balance between spending cuts and tax hikes, of course, is what currently bedevils Washington, D.C.
Health care programs and Social Security will be foremost on the chopping block. Both represent tens of billions in potential cuts. Meantime, there is equal opportunity to make a difference with tax hikes, such as increasing the maximum taxable earnings under the Social Security payroll tax. Source: CBO
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