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OrangeCountyDemocrat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-14-06 02:31 PM
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81. U.S. comptroller general warns of fiscal crisis
I got this from another DU post.

LONDON, March 14 (Reuters) - The United States is headed for a financial crisis unless it alters its course of racking up big budget deficits year after year, Comptroller General David Walker told a British audience on Tuesday.

"If we continue on our present course, a fiscal crisis is only a matter of time," Walker said in the course of an address to the London School of Economics in which he stressed the need for the United States to get its fiscal house in order.

The comptroller general acts as the nation's chief accountability officer and is the head of the U.S. Government Accountability Office, or GAO.

Walker said some combination of reforming so-called entitlement spending like that for health care and Social Security, curbing discretionary spending and possibly changes in tax policy likely will be needed to get deficits under control.

Even then, it will take a considerable period of time and strong political leadership to correct the current situation.

"I think it's going to take 20-plus years before we are ultimately on a prudent and sustainable path," Walker said, partly because so many American consumers take their example from the government.

"Too many Americans are following the lead of the federal government, they are spending more than they take in and are running up debt at record rates," Walker said.
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  -STOCK MARKET WATCH, Tuesday 14 March ozymandius  Mar-14-06 05:07 AM   #0 
  - WrapUp by Rob Kirby  ozymandius   Mar-14-06 05:10 AM   #1 
  - Today's Reports  ozymandius   Mar-14-06 05:13 AM   #2 
  - 8:30 Reports - Very Grim  UpInArms   Mar-14-06 07:34 AM   #11 
  - U.S. Q4 current account deficit grows to record $224.9 bln  UpInArms   Mar-14-06 07:35 AM   #12 
  - Deficit reaches $224.9 billion in Q4, or 7.0% of GDP  UpInArms   Mar-14-06 07:41 AM   #15 
  - U.S. current account deficit hits record  UpInArms   Mar-14-06 08:47 AM   #33 
  - So What?  OrangeCountyDemocrat   Mar-14-06 09:08 AM   #43 
  - And we get the TICS tomorrow, things could get nasty for the buck  54anickel   Mar-14-06 10:52 AM   #57 
  - U.S. Feb. retail sales down 1.3% vs 0.8 expected  UpInArms   Mar-14-06 07:35 AM   #13 
     - Retail sales fall 1.3% in Feb. Biggest drop in six months  UpInArms   Mar-14-06 07:39 AM   #14 
     - March Retail Sales shaping up to be worse than February's  UpInArms   Mar-14-06 08:14 AM   #21 
  - Business Inventories Report - higher than expected (surprise!)  UpInArms   Mar-14-06 09:01 AM   #38 
     - more info:  UpInArms   Mar-14-06 09:07 AM   #42 
  - Crude Oil Prices Fall but Gasoline Rises  ozymandius   Mar-14-06 05:15 AM   #3 
  - Oil turns higher as Iran fears weigh  UpInArms   Mar-14-06 07:48 AM   #16 
  - Oil and gas prices help Petrohawk quadruple profit  UpInArms   Mar-14-06 07:49 AM   #17 
  - April Crude @ $62.05 bbl - April NatGas @ $7.13 mln btus  UpInArms   Mar-14-06 09:05 AM   #39 
  - Oil anarchy threatens Iraq's future  54anickel   Mar-14-06 09:52 AM   #52 
  - April Crude closes @ $63.10 bbl  UpInArms   Mar-14-06 02:12 PM   #76 
  - Guess that explains the $0.30 jump in gas prices today.  Roland99   Mar-14-06 02:54 PM   #90 
  - April Unleaded Gas @ $1.866 gal (high since 2/1) April NatGas @ $7.167  UpInArms   Mar-14-06 02:23 PM   #78 
  - Oil Execs Deny 'Merger Mania' Forced Soaring Prices (? by Senators)  UpInArms   Mar-14-06 02:33 PM   #82 
  - Stocks set for mixed start  ozymandius   Mar-14-06 05:22 AM   #4 
  - Mortgage rates up...affordability down  ozymandius   Mar-14-06 05:25 AM   #5 
  - Speaking truth or crying 'wolf'?  54anickel   Mar-14-06 08:59 AM   #37 
  - Delta likely to kill pilot pension plan  ozymandius   Mar-14-06 05:27 AM   #6 
  - daily dollar watch  UpInArms   Mar-14-06 06:37 AM   #7 
  - peeking at the buck  UpInArms   Mar-14-06 08:38 AM   #30 
  - Arab central banks move assets out of dollar  54anickel   Mar-14-06 10:36 AM   #56 
  - NYT ends weekday stock tables  UpInArms   Mar-14-06 07:22 AM   #8 
  - Livedoor founder indicted again for covering up losses  UpInArms   Mar-14-06 07:24 AM   #9 
  - 70 percent of U.S. companies do not plan to increase staffing, survey  UpInArms   Mar-14-06 07:29 AM   #10 
  - Treasuries trim gains despite retail sales decline  UpInArms   Mar-14-06 07:50 AM   #18 
  - Treasury prices shoot higher after plunge in retail sales  UpInArms   Mar-14-06 07:51 AM   #19 
  - Printing Press Report: Fed adds reserves via overnight system repurchases  UpInArms   Mar-14-06 08:35 AM   #28 
  - Treasuries rally on talk (actually a "rumor") of consulting report  UpInArms   Mar-14-06 09:32 AM   #49 
     - Heh-heh! Well, I guess in a way I can't blame them. They've got  54anickel   Mar-14-06 10:18 AM   #54 
  - Conservative groups again boycotting Ford over gay ads  UpInArms   Mar-14-06 08:09 AM   #20 
  - Oh for cripes sake! It's a business decision - what don't these people  54anickel   Mar-14-06 11:34 AM   #60 
  - Job growth since 2003 Q4 (FLATLINED!)  Roland99   Mar-14-06 08:15 AM   #22 
  - iirc, those spikes are when the gov has "revised" the numbers ...eom  UpInArms   Mar-14-06 08:31 AM   #26 
  - Note two of the biggest spikes occurred at the beginning of the Holidays  Roland99   Mar-14-06 08:34 AM   #27 
  - I found two articles at Economic Policy Institute from early and late 2004  Roland99   Mar-14-06 08:56 AM   #36 
  - Is rising US public debt sustainable?  UpInArms   Mar-14-06 08:17 AM   #23 
  - WTF is this lame paragraph about....  54anickel   Mar-14-06 11:04 AM   #59 
  - pre-open blather  ozymandius   Mar-14-06 08:21 AM   #24 
  - US government urges Congress to raise debt limit this week  UpInArms   Mar-14-06 08:27 AM   #25 
  - US's Snow-Congress must raise debt limit this week  UpInArms   Mar-14-06 09:35 AM   #50 
  - Banks Pledge Fixes for Derivative Market  54anickel   Mar-14-06 08:37 AM   #29 
  - my guess would be THIS phrase in your snip:  ret5hd   Mar-14-06 09:06 AM   #41 
  - 9:39 EST markets attempt to imitate Alfred E. Newman  UpInArms   Mar-14-06 08:41 AM   #31 
  - 9:48 EST all is terrific on Wall Street!  UpInArms   Mar-14-06 08:49 AM   #34 
  - Goldman's Lustrous Quarter  54anickel   Mar-14-06 08:45 AM   #32 
  - Those people only play with OPM  UpInArms   Mar-14-06 08:50 AM   #35 
  - Yep, but they'll use their own when they've stacked the deck  54anickel   Mar-14-06 09:17 AM   #45 
     - here it is from another article  UpInArms   Mar-14-06 09:23 AM   #47 
        - Makin' hay while the sun shines  54anickel   Mar-14-06 09:42 AM   #51 
           - What's ""Proprietary trading against the flow"  specimenfred1984   Mar-14-06 11:38 AM   #61 
              - I'm not sure, it just sounds pretty shady. Seems they are betting  54anickel   Mar-14-06 12:14 PM   #65 
  - Wall Street Chiefs Cruising on Pay Gravy Train  54anickel   Mar-14-06 09:06 AM   #40 
  - Floating-Rate Note Sales Reach Record on Fed Outlook  UpInArms   Mar-14-06 09:15 AM   #44 
  - You know, I just don't get this whole idea. Investors are seeking  54anickel   Mar-14-06 09:25 AM   #48 
  - Rudman reviews Fannie probe;portfolio beyond scope  UpInArms   Mar-14-06 09:20 AM   #46 
  - It works until it doesn't  54anickel   Mar-14-06 10:02 AM   #53 
  - Going green; seeing green (Walmart going organic)  54anickel   Mar-14-06 10:30 AM   #55 
  - Will DJIA 11,500 (or whatever) save Smirky and the GOP?  TOJ   Mar-14-06 11:00 AM   #58 
  - Speed up bird flu plans, warns IMF  54anickel   Mar-14-06 11:51 AM   #62 
  - 1:00pm Eastern - Stop, Yield!  Roland99   Mar-14-06 12:01 PM   #63 
  - 1pm numbers and blather  ozymandius   Mar-14-06 12:03 PM   #64 
  - Hurray!!! The yield inversion has just magically corrected itself, surely  54anickel   Mar-14-06 12:17 PM   #66 
     - Treasuries soar on think-tank report, retail sales  UpInArms   Mar-14-06 01:56 PM   #73 
        - I found this list  54anickel   Mar-14-06 02:29 PM   #79 
           - Thanks 54anickel!  UpInArms   Mar-14-06 02:36 PM   #83 
              - I figured you'd be able to pick the important names and ties out of  54anickel   Mar-14-06 02:47 PM   #86 
  - Molly Ivins: Will the real Bush please stand up?  54anickel   Mar-14-06 12:28 PM   #67 
  - 1:42 and look at em fly being lead by brokers  54anickel   Mar-14-06 12:46 PM   #68 
  - They're all growth companies!! Bad news is GREAT news, always!  ozymandius   Mar-14-06 01:29 PM   #70 
     - Just gives a whole new meaning to Goldilocks...somehow she must've  54anickel   Mar-14-06 01:34 PM   #71 
  - Judge Orders Google To Turn Over User Files  54anickel   Mar-14-06 01:11 PM   #69 
  - US hails calm world reaction to new mad cow case  54anickel   Mar-14-06 01:41 PM   #72 
  - U.S. January job hires exceed openings - WTF?  UpInArms   Mar-14-06 02:02 PM   #74 
  - Bwahahaha  54anickel   Mar-14-06 02:30 PM   #80 
     - Ain't it great to catch them with their pants down?  ozymandius   Mar-14-06 03:45 PM   #92 
  - Ex-Enron employee says illicit deals were common  UpInArms   Mar-14-06 02:09 PM   #75 
  - Dimson says that his rip-off Medicare Plan is a "good deal"!  UpInArms   Mar-14-06 02:19 PM   #77 
  - U.S. comptroller general warns of fiscal crisis  OrangeCountyDemocrat   Mar-14-06 02:31 PM   #81 
  - Again? He's been saying this for the past year or so and they still  54anickel   Mar-14-06 02:39 PM   #84 
  - A Clinton Appointee? - That Explains It  OrangeCountyDemocrat   Mar-14-06 03:45 PM   #91 
  - Something the WaPo reported on a long time ago >>>>>>>  Roland99   Mar-14-06 02:39 PM   #85 
     - Yeah, see what I mean....  54anickel   Mar-14-06 02:50 PM   #87 
        - Just like every other domestic problem and most of the foreign policy ones  Roland99   Mar-14-06 02:51 PM   #88 
           - Facts? We don't need no stinkin' facts! They just get in the way!!!  54anickel   Mar-14-06 02:53 PM   #89 
  - at the end of the day - all is well  ozymandius   Mar-14-06 03:47 PM   #93 

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