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...

About two weeks ago the Obama Administration was blushing as it boasted about the "favorable" numbers its administration received from the Congressional Budget Office (CBO). The fact that the CBO is appointed by members of the President's own party (the majority in Congress are Democrats) made some skeptical. However, the experts outside of the CBO and the White House looked at the numbers and said, "wait a minute!" The numbers are scary and the budget is pointing at a direction that will make the US appear to be little more than a typical debtor nation. This is not something "down...