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  • To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.

    "Economic Challenges: Past, Present, and Future". Speech at the Dallas Regional Chamber, Dallas, Texas, www.federalreserve.gov. April 07, 2010.
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