While he acknowledged the single-year fiscal improvement touted by the Bush administration for 2006, he said that "it did not fundamentally change our long-term fiscal outlook." He also noted that since 2000, America's net social insurance commitments and other fiscal obligations have increased to $50 trillion from $20 trillion, representing four times the nation's total economic output. Rising national health care costs are the greatest culprit according to data collected by Walker's agency.
The head of the GAO also warned that if no action is taken now to control government spending, severe tax hikes could be necessary. He stated that, "balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to 2 times today’s level."
Of course, this doesn't matter to those of us who don't mind leaving a mess for our kids to clean up... Or global warming the next generation will have to deal with... Or a war for the next president to fight...
Oh, and get this:
During the course of the hearing, senators also asked Walker about the cost estimates presented by President George W. Bush for sending 21,500 more troops to Iraq this year, according to Air Force Times. Walker believed that the amount of money planned to be spent on the troop escalation was much more than needed for the number of troops involved. "I have some serious concerns about the numbers...It is unclear what much of the $5.6 billion is to be spent on," they reported him saying.