Now that the inauguration of President Obama is behind us, the nation is turning it’s focus onto another matter — budget deficits.

In the next 15 years, debts will rise in an unsustainable way if no action is taken beyond the 2011 budget deal and the end-of-year fiscal cliff agreement, reports Lawrence Summers of ft.com.

Read more.

Also read the latest on the fiscal cliff:

U.S. under scrutiny in 2013

U.S. economy experience moderate growth

How the cliff affects cross-border taxes

Cliff averted, but confrontation looms

Goldman execs skirt higher cliff taxes

Fiscal cliff bill subsidizes Wall Street

Over the cliff?

Fiscal cliff FAQ