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America is broke, and needs its old friends
Link: http://www.guardian.co.uk/commentisfree/cifamerica/2010/feb/02/america-europe
Barack Obama's $3.8tn budget is a vastly complex affair. But one fact stands out plainly: in layman's terms, America is broke. The federal government's outgoings will exceed income by about $1.6tn this year; over the next 10 years combined, the predicted gap is $8.5tn. Given the partisan impasse on Capitol Hill over spending cuts and higher taxes, there is no reason to assume matters will improve any time soon.
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