When President Obama talks about avoiding sequesters and reducing federal budget deficits during his State of the Union tonight, the American Academy of Actuaries believes he should refocus on reforming major direct-spending programs. The business-as-usual trade-offs that result from budget battles could do far more harm than good if it pits decisions on sustaining Medicare, Medicaid and Social Security for future generations against discretionary spending growth and tax reform. Read the news release. (February 12, 2013)