The Patriot Post® · Debt Could Cause 'Fiscal Crisis'

On the same day the House agreed to raise the debt ceiling yet again, and just days after warning of the detrimental effects of ObamaCare, CBO Director Douglas Elmendorf gave Congress another warning. This time, it’s the debt. “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,” he said. “Such large and growing federal debt could have serious negative consequences, including … eventually increasing the risk of a fiscal crisis.” Ironic, isn’t it, that a large part of the current debt was accumulated as a way to supposedly fix the last fiscal crisis? It’s sort of like pouring gasoline on a fire.