"U.S. debt is forecast to soar to 70% of the country's annual economic output -- the highest share since shortly after the end of World War II -- by the end of this year, according to a report by the Congressional Budget Office.
Budget deficits that are the highest since 1945 are the cause for the leap in public debt to 70% from 40% just three years earlier, which was just slightly above the 40-year average of 37%, according to the CBO. "
And Rep. Paul Ryan said this: “Today the CBO reiterated what the American people know, but too many in Washington simply refuse to acknowledge: We are headed for the most predictable economic crisis in American history, and Washington is not providing the leadership we need to avoid it. As Congress debates the President’s request for an increase in the statutory debt ceiling, the CBO warns of a more ominous credit cliff – a sudden drop-off in our ability to borrow imposed by credit markets in a state of panic."
So anyone who dismisses Rep. Ryan as some extremist had better wake up and take this stuff seriously. We're on the edge of a cliff--and no-bama and his buddies are PUSHING US OVER!!!
