Sooner or later, politicians must get serious about controlling spending

Congressional Budget Office officials released updated projections of the U.S.’s long-term budget outlook this week. Their report reveals nothing new; in spite of a real improvement of our fiscal outlook for the next few years, we are still drawing a blank to the realities of an unsustainable long-term fiscal path.

According to the CBO, the budget deficit is expected to fall from $1.1 trillion last year to $642 billion this year, a drop mostly due to unexpected tax revenue and some reductions in government spending. CBO projects that deficits will continue to decline through 2015.