FORTUNE – Still on the Cliff

To really fix our deficit, we must critically address overspending.

Many Americans breathed a sigh of relief in January after Congress avoided the fiscal cliff. They shouldn't have. The $600 billion tax increase over 10 years weakened the recovery and did very little to address America's dangerous long-term budget deficits and rising federal debt relative to GDP. To understand the source of our budget woes and determine a path forward, we must first confront four thorny truths.

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