FISCAL TASK FORCE A TURKEY -- BY CHRIS EDWARDS, CATO Institute

The federal-spending avalanche just pushed the government's debt over $12 trillion, and Congress will soon have to vote on raising the legal debt limit. Spending has soared so high that 40 percent of this year's budget will be funded by borrowing. The massive flow of red ink is prompting centrist legislators to rally around an ingenious plan to steer a big new tax hike through Congress.

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