Budget experts have watched the federal government’s budget process fail over the last few years as the policy choices required to put the budget on a sustainable path grew more challenging.
The darkening long-term outlook, masked by investors’ willingness so far to lend to the U.S. government at low rates, could at any time be greatly complicated by rising interest rates, or by unpredictable but inevitable future economic or other emergencies demanding higher spending. The publ
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