] In the midst of negotiating a steep tax cuts package, the
] US government shelved a report that showed the United
] States faces future federal budget deficits of more than
] 44.2 trillion dollars.

] The Financial Times hinted that the decision not to publish
] the report may have been because the White House was
] campaigning for a massive tax-cut package that critics
] claim will expand future deficits.
]
] The study, according to the same source, said that sharp
] tax increases, massive spending cuts or both are
] unavoidable if the US is to meet benefit promises to
] future generations.
]
] "It estimates that closing the gap would require the
] equivalent of an immediate and permanent 66 percent
] across-the-board income tax increase," the Financial
] Times said.

Yikes.

Yahoo! News - Washington shelved report of 44-trillion-dollar deficit