Congress Must Double Deficit-Cutting Goal to Avoid Fiscal Crisis, CBO Says

[xchrom]

http://www.bloomberg.com/news/2011-09-13/u-s-can-t-sustain-spending-and-tax-levels-cbo-director-says.html

Congress would have to more than double its $1.5 trillion deficit-cutting goal to diminish the risk of a fiscal crisis and reduce the debt burden on the economy, the director of the nonpartisan Congressional Budget Office said.

“The nation cannot continue to sustain the spending programs and policies of the past with the tax revenues it has been accustomed to paying,” agency director Douglas Elmendorf said today at the first hearing of Congress’s debt-cutting supercommittee.

“Citizens will either have to pay more for their government, accept less in government services and benefits, or both,” he said.

Elmendorf was the first witness to appear before the panel of 12 Republicans and Democrats seeking agreement by a Nov. 23 deadline on a $1.5-trillion 10-year plan to reduce the national debt.




***end the wars and cut the MIC in 1/2.

[bullwinkle428]

1. 1. End wars. 2. Restore Clinton-era tax rates. 3. Problem solved.

[denverbill]

3. It's that easy.

[jtown1123]

2. I doubt there will be a "crisis" but we certainly need to raise revenues significantly.