GAO: Long-term Fiscal outlook grim. Taxes to be doubled

It seems the head of the GAO thinks Bush's rosey budget forecasts are baloney and as much as says that Bush in lying about the cost of the "surge."

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.

Walker heads the Government Accountability Office (GAO) ...

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."

... 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.

So, why was this story so widely ignored by the Fourth Estate? Seems to me it might have modest interest for a few people. Gee. Doubling our taxes sounds to me like a newsworthy event.