Obama Assails Ryan Budget Without Long-Term Alternative
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President Barack Obama has rebuked Republicans for their “radical vision” of a scaled-down government and says it’s time to “get serious about the deficit.” His own budget fails to do that over the long term.
White House projections show federal debt as a proportion of gross domestic product growing by more than three-quarters under Obama’s plan to a record 124 percent in 2050, well above the 90 percent danger zone identified by economists Carmen Reinhart and Kenneth Rogoff. And the government’s share of the economy climbs to levels not seen since World War II, largely because of surging spending on health care.