Yes, annual deficits are falling dramatically. But the long-term debt isn’t. And both are projected to resume a northward trek in a few years.
But lawmakers are not talking seriously about how to put the federal budget on sounder footing for the long run. In some ways, that’s not surprising. Lawmakers and President Obama have been at war over the budget and debt ceiling since the 2008 financial crisis.
Those fights yielded the Budget Control Act of 2011 and the fiscal cliff deal of 2013, among other measures, which together have reduced projected deficits by a few trillion bucks over the next decade.
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