They and their descendants may well be the future high earners upon whom the burden of the Bush-Obama deficits fall.

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The solution is clear: End the quagmire, revenues rise and deficits fall.

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"He thought what was more important was that deficits fall below growth as a percentage of GDP -- certainly a laudable goal, but I think the federal government, like any business or any family, needs to work towards a balanced budget, " Rep. Tom Cotton, R-Arkansas, said afterward.

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But deficits would fall much less (the sum of the bars in the graph) and government debt would climb to nearly 90 percent of GDP in 2022.

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Businesspeople are among the most vocal in their calls for government deficits to be cut, but if firms spent more, and hired new workers, deficits would fall of their own accord.

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But it could become one if deficits do not fall substantially in the medium term, beyond a mere reflection of a cyclical improvement in the economy.

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If the private sector rebounds of its own accord, unemployment will fall and budget deficits will decline.

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Most states are legally barred from running deficits, so when their revenues fall in times of recession they make painful cuts, firing workers and ending programmes thus exacerbating the downturn rather than offsetting it.

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The Commission said that the aggregate deficits of the 17 eurozone governments would fall from 3.5% of economic output or GDP last year, to 2.8% this year.

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Trade deficits are too high, so currencies must fall.

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