What you should know about the Long Term Budget Outlook

Today, the Congressional Budget Office released the Long Term Budget Outlook, which provides policy makers a long-horizon view of the nation’s fiscal outlook. This comes on the heels of a warning issued by the CBO that if the fiscal cliff that looms at the end of this year (and the longer-term issues exacerbating this debt crisis) go unaddressed, the United States faces another recession in 2013.