On Wednesday, the Congressional Budget Office released its updated long-term budget forecast.
It showed, as one might expect, that if the Bush tax-cuts remain in effect and Medicare and Medicaid spending isn't constrained in some way, the country will topple into a genuine fiscal crisis.
Lets say Congress adheres to the law as it's currently written. That means no repealing the health care law, for one, but more significantly it means allowing the Bush tax cuts to expire, and (unfathomably) allowing Medicare reimbursement rates for doctors to fall to the levels prescribed by the formula Congress wrote almost 15 years ago. In other words, no more "doc fixes." Guess what? View the graph below to see what happens to the deficit.
Yes you guessed it, the deficit goes away. Why arent we talking about this?
View the combined charts in the gallery.
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