Free Republic

The dead link is not an error. It's been dead since soon after Drudge put it up. The CBO site has been down since Drudge posted this so here is the text (allegedly) from a blog: Federal Debt and the Risk of a Fiscal Crisis Over the past few years, U.S. government debt held by the public has grown rapidly—to the point that, compared with the total output of the economy, it is now higher than it has ever been except during the period around World War II. The recent increase in debt has been the result of three sets...

The Congressional Budget Office today released a new report on the risk of a fiscal crisis occuring in the United States due to our long-term debt... The bottom line is that the longer we prolong dealing with our debt problem, the greater the risk of a fiscal crisis, and the more unattractive the options become for digging ourself out of the mess. It outlines several consequences for growing debt, including crowding out of private investment and the need for higher taxes and/or spending cuts. Of higher taxes, however, it warns that, "To the extent that additional tax revenues were generated...

President Obama's overhaul of the health-care system has done little to improve the nation's fiscal outlook, and his pledge to extend an array of tax cuts for the middle class would only make things worse, congressional budget analysts said Wednesday. In its latest long-term forecast, the nonpartisan Congressional Budget Office predicted that the national debt, which has surged to nearly 60 percent of annual economic output in the wake of the recession, would continue rising in the coming decades despite cost-containment measures in the health overhaul Obama signed this spring.

Fundamental changes to the federal budget will be needed to rein in unsustainable deficits, Congress’s budget watchdog said Thursday. “U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can't be solved through minor changes,” Congressional Budget Office (CBO) Director Douglas Elmendorf told reporters at a Christian Science Monitor breakfast. Spending on Medicare, Medicaid and Social Security, plus defense programs and debt interest, will exceed the rest of the federal budget in 10 years if most of the 2001 and 2003 tax cuts are extended, as President Barack Obama has proposed, Elmendorf said. “It's a matter of arithmetic,”...