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Congress's auditor warned in a monthly update released last Friday that the latest data on America's fiscal outlook shows "a federal debt burden that ultimately spirals out of control."
The January update was based on new data supplied to the Government Accountability Office by the Congressional Budget Office, and identified spiraling national health care costs as the main culprit for the country's budgetary woes. The report also challenged a key assumption about the nation's fiscal future made by President George W. Bush in his release of the 2008 budget.
Using a pair of different simulations of government outlays, the GAO bluntly states that "the Nation's long-term fiscal future is 'at risk.'" It considers different futures in which discretionary spending grows more quickly or slowly, and in which tax cuts are renewed or allowed to expire.
Interesting comment re Australia. The new Prime Minister speaks fluent mandarin & went to China on his first overseas trip as PM. This was seen as a snub to the Japanese in the aussie media. Maybe it was a snub to the yanks, as we call them over here.
Interesting comment re Australia. The new Prime Minister speaks fluent mandarin & went to China on his first overseas trip as PM. This was seen as a snub to the Japanese in the aussie media. Maybe it was a snub to the yanks, as we call them over here.
if you were stuck between the usa and china politically and economically, which side would you pick? the one that drags your ass into loser wars and buys your resources with worthless paper or the one that just wants to buy your stuff with money backed by huge reserves, and no strings attached?
Interesting comment re Australia. The new Prime Minister speaks fluent mandarin & went to China on his first overseas trip as PM. This was seen as a snub to the Japanese in the aussie media. Maybe it was a snub to the yanks, as we call them over here.
Is it common for a new Australian Prime Minister to make his first overseas trip to the USA? A little context to the statement would be helpful for us non-Aussie, non-Yanks.
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