An auditor for the Government Accountability Office told the Senate budget committee that in the next 15-25 years, the amount of public debt will exceed all the goods and services produced by the entire U.S. economy.  Without action on the debt, the auditor said the percent of debt to GDP could rise to 200% or 300%. Washington Free Beacon: Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books. “We’re very heavily leveraged in debt,” Dodaro said. “The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.” Dodaro says that under current law, debt held by the public will hit a historic high. “The highest in the United States government’s history of debt held by...(Read Full Post)