Head of Congress watchdog warns on US budget deficit

[Nambe]

WASHINGTON, Sept 17 (Reuters)

The head of Congress' non-partisan watchdog agency, the General Accounting Office, on Wednesday warned the government about the deteriorating budget situation, saying it should face up to reality.

"The current and projected deficits far exceed the costs associated with Iraq, the global war against terrorism and any incremental homeland security costs," U.S. Comptroller General David Walker said in prepared remarks to the National Press Club. ---

"These additional amounts total tens of trillions of dollars in discounted present value terms. Stated differently, they are likely to exceed $100,000 in additional burden for every man, woman and child in America today, and these amounts are growing every day," he said.

"The 'bottom line' is, there is little question that deficits do matter, especially if they are large, structural and recurring in nature," he said.

[denverbill]

1. Give back the tax cuts. n/t

[indepat]

2. But that would be doing what's best for America, not wealthy patrons:

it will never happen on W's watch.

[priller]

3. This is what Krugman has been saying for many months

There is no end in sight to the deficits. They are "structural", not temporary, not short-term, not stimulative, they are there to stay.

[RedEarth]

4. Krugman and also the Concord Coalition

This past Sunday Krugman had a great article that dealt with the tax cuts and the deficit. It's a must read for anyone that wants to understand the ramificaions of the tax cuts. The Concord Coalition has also been saying the same thing.


The Concord Coalition is a nonpartisan, grassroots organization advocating fiscal responsibility
while ensuring Social Security, Medicare, and Medicaid are secure for all generations.
The Concord Coalition was founded in 1992 by
the late former Senator Paul Tsongas (D-Mass.), former Senator Warren Rudman (R-N.H.),
and former U.S. Secretary of Commerce Peter Peterson.
Former Senator Bob Kerrey (D-Ne.) was named a co-chair of the Concord Coalition in January 2002.



http://www.concordcoalition.org/

[Bandit]

5. No it only matters in California.

Deficits don't matter under Red Ink Republicans only under Democratic leadership are they so bad that they need immediate action. Action so drastic as to overturn a legal election.

[kentuck]

6. $100,000 in debt that interest must be paid...for each man, woman & child

At 6% interest, that would be $6,000 per person just in interest alone. For a family of 4, that would be $24,000 per year in taxes to pay the interest. How much will you have left for schools and roads?