U.S. debt may lead to crisis, report warns

The rapidly growing national debt could soon spark a European-style crisis unless Congress moves forcefully, the Congressional Budget Office warned Wednesday in a study that underscored the stakes for Vice President Joe Biden and negotiators working on a sweeping plan to reduce red ink.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/06/22/MN161K1HQR.DTL#ixzz1Q8dCPY00

A short term extension will def. be enacted and comprimised by July 1st and then as long as they don't borrow or spend anymore additional unnacountable funds a month later, it'll give them some flexibility even with them going into their August 5th recess. We know they'll eventually come to a 'quick' last day agreement when that time approaches.

Question is when are both party lines, (democrats and repub's) going to acknowledge the 589 bill that some still don't even support or really know about, how sad is that, including the office aids for these federal legislatures not even being famiiar with it either??? That is a complete joke.

Slash not cut SLASH entitlement programs every last one…….. period first and foremost end the wars, cut defense and then bring the tax rate back to what it was during the Clinton years and upon the economy recovering taxes rates drop right away (that should be written in the bill).