President Obama formed a commission about a year ago to figure out how to solve the looming deficit problem. They were to report back conveniently right after last weeks election. The preliminary word is out. We're broke. Surprised?
Seems we've accrued an additional 4 trillion dollars in debt over the last ten years. Coincidentally, that's the same amount that was given back to us (at least the wealthier us) from the Bush tax cut over the past decade. Surprise II.
The commission is going to recommend a number of cost saving cuts and tax changes that no one will like or pass into legislation. Surprise III.
The next commission will report back in 2020. We'll be broker then. No surprise there.