Excerpt from our One Page Annotated Wall Street Journal Summary (receive it by email every morning by signing up here):
IMF Exhorts U.S. To Balance Budget Over Next 5 Years
Summary: According to the International Monetary Fund, the U.S. needs to balance its budget over the next five years in order to reduce dependence on foreign creditors and in order to lower the financial burden for future workers who must finance retirement for the large number of baby boomers. The IMF added Friday that the Bush administration shouldn't rule out raising taxes to balance the budget while urging Congress to consider eliminating some popular tax breaks and adopting a national consumption-based tax or higher energy taxes to help bridge the spending deficit. In addition, the IMF voiced concerns that high-deductible health-insurance plans, one of the Bush administration's measures to promote more efficient consumption of health care, are probably not enough to reduce health-care spending to levels more in line with other industrial countries.