Many congressional leaders have suggested that tax revenues are too low and will remain low without a tax increase. This year's Federal revenues will be about 15 percent of GDP, less than the 40-year average of about 18 percent. But revenues are already on track to exceed 23 percent of GDP in just 25 years, greater than in World War II. How would this happen?
Media & TV Appearances
NIGHTLY BUSINESS REPORT - Budget Deficit Wrangling
Watch the video on PBS.org