Veronique de Rugy in dailyherald: The debt deal is one thing; now Congress needs to deal with the debt, and fast.
We have a debt-ceiling deal. It's a relief for most people. This deal avoids a default and the need for the Department of the Treasury to make hard choices over which bills to pay. It gives Republicans the sense that a step was taken toward fiscal responsibility and gives Democrats the sense that they've made an unprecedented sacrifice. Many hope their spending restraint days are over.
For one thing, the CBO's projections are based on current law and existing policies. Future policy changes, such as tax reform or changes to entitlement programs, are almost certainly not fully accounted for. If such changes result in more revenue or less spending, the actual outcomes would be better than projected, and vice versa.
The CBO projects future health care spending based on current trends. However, these costs might increase at a faster rate than anticipated. An aging population and changes in workforce participation can have significant fiscal implications. If the CBO's assumptions about any of these factors are inaccurate, it will reduce the precision of their long-term projections.
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