Experts see gloomy future for federal budget

[Dirty Hippie]

Keeping the federal budget at or near balance over the next 50 years could require painful tax increases, spending cuts or both, the Congressional Budget Office says.
In a look at the government's long-term budget outlook, Congress' nonpartisan fiscal analyst offered possible combinations of tax and spending changes, all of which would leave lawmakers choosing among politically unpalatable options.

Even so, some still would leave the government in fiscal peril. Yet, failing to act would drive the accumulated federal debt to unsustainable levels, said the study, released Friday.

"Taken to the extreme, such a path could result in an economic crisis," including the possibilities that foreign investors would pull out, the dollar's value plunge, interest rates and prices soar and stock markets collapse.

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http://www.capitolhillblue.com/artman/publish/article_3750.shtml

[54anickel]

1. Well, geez, maybe they should start by shutting down some of the

corporate tax loopholes!

http://www.useu.be/Categories/FSC/Oct2803HouseFSCBill.html

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=4026191

[ClintonTyree]

2. It's all going according to the............

GOP plan. Bankrupt the Treasury, halt all mandate oriented programs like Medicare and Social Security, then start all over on a clean slate. Of course this would mean more money for corporate welfare in the budget, much more money for corporate welfare. But gosh darn it, they need it. How is a medium sized corporation going to get by with ONE Lear Jet nowdays? How can these corporate CEO's be expected to live in 4 Million dollar hovels with only ONE swimming pool and NO heli-pad? These are dark times in industry my friend, if something isn't done soon these corporate magnates will be standing in Baluga Caviar lines at shelters soon.