CBO BOMB: 'Deficits will cause debt to rise to unsupportable levels'...

Below is the text from the Congressional Budget Office website (which has been inaccessible due to apparent inability of government servers to present data efficiently).  The document details the importance of lowering federal debt by cutting spending or by increasing federal revenues (or both).  

Federal Debt and the Risk of a Fiscal Crisis
Over the past few years, U.S. government debt held by the public has grown rapidly—to the point that, compared with the total output of the economy, it is now higher than it has ever been except during the period around World War II. The recent increase in debt has been the result of three sets of factors: an imbalance between federal revenues and spending that predates the recession and the recent turmoil in financial markets, sharply lower revenues and elevated spending that derive directly from those economic conditions, and the costs of various federal policies implemented in response to the conditions.

More after the jump...

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