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Since the deal cut by Congress to do nothing on the deficit for another two years, you hear nothing at all about it leading up to the November election. However, it is not that the deficit is shrinking. It is just racing upward less fast. This will accelerate when the recent budget deal expires, and the rise of the deficit again moves up at a rate that is crippling. Right now, the Fed is essentially carrying the US government by keeping rates historically low. If the ten year were once again around a more normal 5%, the interest burden would quite simply consume the budget and make it impossible to provide many of the services people have come to demand. 

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