High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email firstname.lastname@example.org to buy additional rights. http://www.ft.com/cms/s/2/38274f48-5e4f-11e1-8c87-00144feabdc0.html#ixzz1nhavzPi8 Whoever wins this year’s US election, the combined effect of three events – the expiry of former president George W. Bush’s tax cuts , a renewal of the legally binding limit on federal borrowing and the start of a Congressionally mandated sequester, a mechanism that will automatically cut domestic spending from 2013 – will force the president and Congress to engage deeply with fiscal issues. The decisions made will do much to determine the country’s future. For many observers, the central question in debates over deficit reduction is what can be done about entitlements. Growth in spending associated with an ageing population will be the major factor fuelling the growth of federal spending.
Summers, Lawrence H. "The U.S. Tax System Needs Rebuilding." Financial Times, February 26, 2012.