Economic Effects of Reducing the Fiscal Restraint That Is Scheduled to Occur in 2013

"If the fiscal policies currently in place are continued in coming years, the revenues collected by the federal government will fall far short of federal spending. That gap will grow over time as the aging of the population and the rising cost of health care continue to boost federal spending under current policies. Therefore, putting the budget on a sustainable path will require significant changes in spending policies, tax policies, or both..."