It seems as if America’s fiscal situation is rolling quickly toward
the edge of a big scary cliff. The nonpartisan Congressional Budget
Office (CBO) warned earlier this week that the combined forces of
a weakening economy and high maintenance costs associated with
fighting two wars is causing the federal budget outlook to darken
significantly over the next few years.
The CBO [...]
Federal Reserve Chairman Ben S. Bernanke warned members of the
Senate Budget Committee last week that a â€œfiscal crisisâ€ is heading
straight for America if Congress does not take the actions necessary
to reduce the projected growth of federal spending on Social Security,
Medicaid and Medicare.
Mr. Bernanke, a former White House economic advisor to President
Bush, referenced Congressional Budget [...]