CBO report paints a dire picture for U.S. economy

CBO report paints a dire picture for U.S. economy - Watchdog.org:
"Even though it’s summer and Congress is in recess, it’s no reason not to care about politics.
...Indeed, there is no balancing of the budget in sight.
Within 25 years, the CBO predicts that the deficit will be 5.9 percent of Gross Domestic Product (GDP) – it’s at 2.7 percent right now.
This means that some $5.9 trillion will be overspent compared to revenues.
During this time, revenue would increase only 9.6 percent, compared to 23.4 for spending.
The total public debt will be over 100 percent of GDP by 2040.
...The US is pressing on the gas pedal towards the fiscal cliff with the present trends.
If nothing is done by 2040, the US public debt will amount to all the production of goods and services in the economy.
And that’s just the US debt; we are not even talking about unfunded liabilities like Social Security or veterans’ benefits, which some estimates have as high as $222 trillion."