Saturday, July 25, 2009

"things have never looked as bad as they do now"

Link
"For years, we've been warning that the budget was out of balance over the long-term and we should act while there was still time," said Maya MacGuineas, President of the Committee for a Responsible Federal Budget. "Well guess what? Time is quickly running out. We're drowning in unprecedented levels of red ink and there is no plan to fix the situation."

[...]

"Having spent over a decade worrying about budget deficits, I can quite honestly say that things have never looked as bad as they do now. We need to be focused on slowing spending and finding better ways to raise revenue, not on cutting taxes and introducing new entitlement programs," said MacGuineas. "We can either make these hard choices now, on our own terms, or we can make them in a panic on the heels of a full-blown fiscal crisis."