CBO Director: 'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis'

[WhiskeyGirl]

Obamanomics in action!!!  Banana Republic in action!!!  No job for you!!! 

(CNSNews.com) - On the same day House Speaker John Boehner said he would bring a "clean" debt ceiling bill to the House floor -- and join Democrats in voting for a 13-month extension of the debt limit -- the head of the Congressional Budget Office declared that the "large and growing federal debt" could eventually increase the risk of a  "fiscal crisis."

"The large budget deficits recorded in recent years have substantially increased federal debt, and the amount of debt relative to the size of the economy is now very
high by historical standards," Elmendorf told the Senate Budget Committee.

"CBO estimates that federal debt held by the public will equal 74 percent of GDP at the end of this year and 79 percent in 2024 (the end of the current 10-year projection period). Such large and growing federal debt could have serious negative consequences, including restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis (in which investors would demand high interest rates to buy the government’s debt).

- See more at: http://cnsnews.com/news/article/susan-jones/cbo-director-large-and-growing-federal-debt-could-produce-fiscal-crisis#sthash.dFoCBKAQ.dpuf

[Red]

Could produce a fiscal crisis?

We are already in a fiscal crisis with a national debt of $17.3 trillion and counting. With also two political parties who refuse to do anything about it except maintain their power in DC.

http://www.usdebtclock.org/

Guttless Boehner gives Obama a blank check and caves on fiscal responsibility because he only wants to focus on the bad news of Obamacare. That is a dangerous game of chicken.

[seahorse]

Guttless Boehner   

He only cares about his red wine and smokes, IMO.  I saw him on the Tonight Show. Boehner said he did not want to be president because he did not want to give up his wine and smokes, (paraphrasing).

Well, maybe, someone else should be speaker, with more ambition.  He is third in line of the Presidency and he cares more
about his wine and smokes. IMO.