Treasury Report Says U.S. Debt on Fast Track to Levels that Brought About Greek Collapse
The Treasury Department issued a report last Friday night indicating that the US debt would reach $13.6 trillion this year – 93.1% of Gross Domestic Product (GDP) – and exceed $19 trillion by the year 2015. This year alone federal outlays total more than $3.5 trillion with only $2.1 trillion in receipts to date. “America’s annual budget deficits are unsustainable,” said Congressman Bill…