Government: The Government Is Spending Too Much

The Congressional Budget Office says that government spending is unsustainable. Economists, Republicans, and small children have known this for a while, but it's the first time the official accounting office of the U.S. government has admitted it.

Unless revenues increase just as rapidly, the rise in spending will produce growing budget deficits. Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States. Over time, accumulating debt would cause substantial harm to the economy.

Very much worth your time to take a look at the full blog post and accompanying chart.