Higher Interest Rates, not Entitlement Spending, Is Cause of Projected Rise in Budget Deficit

A NYT article on the prospects for the federal budget deficit under the next president told readers:

"Even without new spending, the federal budget deficit is expected to rise. By 2020, the Congressional Budget Office estimates, the deficit will hit nearly $800 billion, or about 3.7 percent of expected economic output, as increasing entitlement costs for retiring baby boomers take their toll on federal coffers."

Actually, the main reason the deficit is projected to rise is the Congressional...