U.S. government deficits are unsustainable

A pretty bleak report by the head of the Congressional Budget Office

A quote from the report:

"The basic challenge is well-known. If current trends continue and current policies remain in place, federal spending will outstrip revenues in coming decades, even if tax reductions enacted over the past few years expire, as scheduled, at the end of 2010. Deficits will increase sharply, debt held by the public will grow faster than the economy, and interest payments will soar, undermining the government’s finances and weakening the economy.

In short, the nation’s fiscal policy is on an unsustainable path, posing a long-term threat to the well-being of the American people and the country’s status in the world."