WSJ.com - Deficit Is Arriving Under Forecasts: "Overall federal spending is increasing, including for war costs. More broadly, spiraling health-care costs for Medicare and Medicaid programs, including a prescription-drug benefit for seniors starting next year and a wave of baby-boomer retirements after 2008, will drive federal deficits to unsustainable sizes.
'These are the good ol' days. These are the best of times,' says Congressional Budget Office Director Douglas Holtz-Eakin, a former administration economic adviser. 'After this, it gets worse.'"
This is the good news / bad news story of the day. The country is prospering, for the moment, and the storm clouds some see on the horizon are far away.
But, notice the projected timimg. The coming storm has been timed by Republicans to engulf the next President, and not this one. The Republicans are planning to lose in 2008, in order to hooverize the Democrats. {You heard it here first.)
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