There is, of course, the possibility that lawmakers could create lasting and meaningful reforms to create responsible future budgets, says Rogoff. But recent political behavior does not leave much hope. "If the 12-person congressional (and) Senate committee [tasked with making further cuts later this year] got something done, it would be fantastic, because tax and entitlement reform is really the No. 1 problem that they need to address. The trouble is I don't see what is going to bring that to a resolution. I don't see why I'd have any faith that they'd cut a deal."