"The ‘Status Quo' is not an option.  We face large and growing structural deficits largely due to known demographic trends and rising health care costs.  GAO's simulations show that balancing the budget in 2040 could require actions as large as cutting total federal spending by 60% or more, or raising federal taxes to two times today's level."David Walker, Comptroller General of the United States, April 4, 2007.  (Read Full Post)