Debt ceiling deal signals continued growth of US debt.

The recent bipartisan deal to avert a government default featured modest cuts to a relatively small corner of the federal budget, reaffirming that the big drivers of future deficits are all off the table in a divided Washington. The agreement cuts federal spending by $1.5 trillion over a decade, but even with those savings, the agreement provides clear evidence that the nation’s overall debt load will not be shrinking anytime soon. The cost of Social Security and Medicare is expected to soar within 10 years as retiring baby boomers qualify for benefits, and both parties have grown more wary of cuts to these programs.