Kathianne
02-14-2010, 06:23 AM
http://news.yahoo.com/s/ap/20100214/ap_on_bi_ge/us_deficit_crunch;_ylt=AtY2Nf7psI9Plv3mORNj8Xys0NU E;_ylu=X3oDMTNoZzVlaGhvBGFzc2V0A2FwLzIwMTAwMjE0L3V zX2RlZmljaXRfY3J1bmNoBGNjb2RlA21vc3Rwb3B1bGFyBGNwb 3MDMwRwb3MDOQRwdANob21lX2Nva2UEc2VjA3luX3RvcF9zdG9 yeQRzbGsDdXNkZWJ0d2lsbGtl
US debt will keep growing even with recovery
By TOM RAUM, Associated Press Writer
15 mins ago
WASHINGTON – It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma.
For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels.
The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained.
Take Social Security, Medicare and other benefits. Add in interest payments on a national debt that now exceeds $12.3 trillion. It all will gobble up 80 percent of all federal revenues by 2020, government economists project...
US debt will keep growing even with recovery
By TOM RAUM, Associated Press Writer
15 mins ago
WASHINGTON – It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma.
For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario — a full recovery and a return to prerecession employment levels.
The government already has made so many promises to so many expanding "mandatory" programs. Just keeping these commitments, without major changes in taxing and spending, will lead to deficits that cannot be sustained.
Take Social Security, Medicare and other benefits. Add in interest payments on a national debt that now exceeds $12.3 trillion. It all will gobble up 80 percent of all federal revenues by 2020, government economists project...