Paul H. O'Neill

A report commissioned in 2002 by O'Neill while Secretary suggested the United States faced future federal budget deficits of more than US$44.2 trillion. The report also suggested that sharp tax increases, massive spending cuts or both would be unavoidable if the United States were to meet benefit promises to its future generations. A 66% income tax increase was recommended across the board. However, the Bush administration chose to leave the findings out of the 2004 annual budget report published in February 2003.