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Recent news stories have highlighted the good news that very near-term deficits are decreasing. That good news, unfortunately, will be short-lived. Though the economy continues its recovery and we have made some progress on deficits, those deficits will begin growing again soon, and major long-term fiscal challenges remain. In fact, in just two short years, by 2016, the federal government’s deficit will begin to rise again, according to CBO.
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2013 Social Security Trustees Report in Charts
A federal trust fund is an accounting mechanism used by the federal government to track earmarked receipts (money designated for a specific purpose or program) and corresponding expenditures. The largest and best-known funds finance Social Security, Medicare, highways and mass transit, and pensions for government employees.