A report commissioned in 2002 by O'Neill while Secretary suggested the United States faced future federal budget deficits of more than US$44.2 trillion. The report also suggested that sharp tax increases, massive spending cuts or both would be unavoidable if the United States were to meet benefit promises to its future generations. A 66% income tax increase was recommended across the board. However, the Bush administration chose to leave the findings out of the 2004 annual budget report published in February 2003.
wikipedia.org dumped 2003-03-17 with terodump