Because it appears to offer a more accurate measure of the true cost of living - the statutory intent - the chained CPI would be a more suitable series for the indexation of federal programs. Had such indexing been in place during the past decade, the fiscal 2002 deficit would have been $ billion smaller, all else being equal.
At the present time, there seems to be a large and growing constituency for holding down the deficit, but I sense less appetite to do what is required to achieve that outcome. Reestablishing budget balance will require discipline on both revenue and spending actions, but restraint on spending may prove the more difficult.