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Revealed: US comptroller says US taxes would have to double to pay for Bush budget in 2040
In an overlooked hearing last Thursday, the head of a government watchdog agency warned of looming disaster for America's economy if an effort isn't made to control spending, RAW STORY has learned. Adding that decision-makers in Washington suffer from "tunnel vision and "myopia," he said that getting the budget under control could even require steep tax increases if action isn't taken now.
"The picture I will lay out for you today is not a pretty one and it’s getting worse with the passage of time," said David M. Walker, Comptroller General of the United States, in a Thursday morning hearing of the Senate's Budget Committee. "Continuing on our current fiscal path would gradually erode, if not suddenly damage, our economy, our standard of living, and ultimately even our domestic tranquility and our national security," he warned.
The head of the GAO also warned that if no action is taken now to control government spending, severe tax hikes could be necessary. He stated that, "balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to 2 times today’s level."
Reuters, the only major news agency to offer coverage of Thursday's hearing...
During the course of the hearing, senators also asked Walker about the cost estimates presented by President George W. Bush for sending 21,500 more troops to Iraq this year, according to Air Force Times. Walker believed that the amount of money planned to be spent on the troop escalation was much more than needed for the number of troops involved. "I have some serious concerns about the numbers...It is unclear what much of the $5.6 billion is to be spent on," they reported him saying.
Comptroller: Surge costs don’t add up
“I have some serious concerns about the numbers,” David Walker told the committee during a hearing Jan. 11.
While it will cost some money to ship the additional troops to Iraq, and more for combat pay, the extra cost will be nowhere near $5.6 billion, an aide to Walker explained after the hearing.
It is unclear what much of the $5.6 billion is to be spent on, Walker said.
Walker and many others have complained that tens of billions of dollars are spent on the wars in Iraq and Afghanistan annually with little explanation of what the money is spent on.
The wars have been funded largely through emergency supplemental appropriations. The emergency requests provide Congress with scant detail on spending.
Congress passed legislation last fall requiring that war costs be included in the regular defense budget beginning after this year. But when President George W. Bush signed the defense spending bill, he tacked on a signing statement that indicates he might or might not comply, “as the President deems necessary and expedient.”
Originally posted by Soitenly
Wow, a government watchdog group who siphons money from the US government criticizes the US government. I wonder what they are after.