FROM CNN's Jack Cafferty:
The scariest part about the financial crisis plaguing Greece and other parts of Europe... is whether the United States is next.
Much like Greece, we're drowning in exploding deficits: the Treasury Department says that the U.S. has now posted budget deficits for 19 months in a row.
Even more ominous is the fact that in April alone - the U.S. deficit was nearly $83 billion... almost four times as much the deficit for April 2009. Since April is the tax filing deadline... the month historically shows a surplus, not a deficit.
Overall - the deficit for this year is expected to be $1.5 trillion; and the national debt stands at more than $12 trillion.
So it's not surprising people are starting to draw a line between what's happening in Greece - and our own future.
The head of the Bank of England warns the U.S. faces the same problems as Greece. With our "very large fiscal deficit," he says it's important for governments to have a clear plan on how to reduce these deficits.
And of course, that's the crux of the problem. None of our leaders wants to make the tough decisions to either raise taxes or cut spending. They're afraid it will cost them votes.
The White House's top budget official says although the U.S. isn't in "imminent danger" of a crisis like Greece, U.S. lawmakers need to act quickly.
But we have an election in November. So our answer is to sit around waiting for that toothless bipartisan debt commission to come forward with its proposals - that Congress doesn't need to act on - by December. Just one of many reasons to throw the incumbents out - all of them.
Here’s my question to you: What is Washington doing about our exploding federal deficits?
Interested to know which ones made it on air?
Al in Delaware writes:
How come the deficit didn't matter back when they spent the surplus, started two wars, cut taxes, and passed Medicare Part D – all unfunded? When asked, then-Vice President Cheney said deficits don't matter… I'm not going to hold my breath until some politicians have the guts to simultaneously raise taxes and make the draconian budget cuts that will decrease and finally balance the budget again.
Congress will do what they have been doing for a long time, blame the lack of progress on the "other side." We the people, need to take back America from the career politicians. To do this, we must send a strong bipartisan message. The message this year is: Just Say NO! Say no to any incumbent, regardless of their party. Vote for anyone but the incumbent!
Since a huge part of the federal budget goes to defense, the answer is obvious. Bringing our troops home would save about $120 billion per year.
Fran in New Mexico writes:
Nothing. Unless you know something I don't know. The government appears to be ignoring the deficits. We're not headed for another depression - excuse me, the official description was and still is 'recession' - we're headed for economic disaster we won't be able to pull out of.
The federal government will do what they always have, put small bandages on cuts that require stitches. Sooner or later America will bleed out.
They're doing what Washington always does: looking out for number one, not us, but themselves. Bite the PAC that feeds you? Not in this lifetime. Party labels don't matter either, it's self preservation, brother. Tea anyone?