Faced with soaring deficits, an aging population, a teetering pension system, unsustainable health-care obligations, $1 trillion in annual interest costs, rising long-term bond yields and net public debt at around 100 percent of gross domestic product, what's a country to do?

For the 119th Congress, the answer has been simple: Tax less and borrow more. As Republican leaders ponder yet another party-line spending bill--expected to include at least $95 billion in new outlays with no offsetting revenue--they might reflect for a moment on America's budgetary crisis in the........

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