CBO Chief: Nation's Debt Is "Unsustainable"

BENZINGA.com, 4/8/2010 by N.J. Beachum - Doug Elmendorf, the head of the Congressional Budget Office, stated today that the fiscal path of the U.S. is unsustainable and requires major intervention. ∴ Elmendorf pointed to an estimate that found that the national debt would swell from 53% of GDP to 90% of GDP by 2020 if Pres. Obama's 2011 budget is enacted as is. ∴ Increasing taxes, cutting spending, or a combination of the two are the only options on the table - and even then, major initiatives would need to be enacted. For example, former Federal Reserve Chairman Paul Volcker suggested that Congress consider a value-added tax. Read more at Benzinga...