These Slides Show Why We Have Such A Huge Budget Deficit And Why Taxes Need To Go Up

The Economist's U.S. editor Greg Ip directs us to this comprehensive slideshow from CBO director Doug Elmendorf on the state of the federal budget.

It jibes nicely with a presentation we published earlier Friday from the BEA on misconceptions about the economy.

Elmendorf breaks down federal spending's sources and destinations, then discusses different paths the budget could take depending on whether House Republicans or Senate Democrats get their way.

Although he emphasizes the CBO does not advise on policy, he repeatedly stresses the dangers of failing to get a handle on our growing debt.