The Economist's U.S. editor Greg Ip directs us to this comprehensive slideshow from CBO director Doug Elmendorf on the state of the federal budget.
It jibes nicely with a presentation we published earlier Friday from the BEA on misconceptions about the economy.
Elmendorf breaks down federal spending's sources and destinations, then discusses different paths the budget could take depending on whether House Republicans or Senate Democrats get their way.
Although he emphasizes the CBO does not advise on policy, he repeatedly stresses the dangers of failing to get a handle on our growing debt.
Here's what we're talking about.
Discretionary spending is one of the smaller parts of the budget, compared with things like Medicare and social security.
Among other mandatory spending (so not social security or Medicare), the largest share goes to low-income households.
See the rest of the story at Business Insider
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