Former U.S. Comptroller General David Walker says the projected record deficit for this year is not the worst risk facing the United States: What is much worse is the deficit America will confront once the economy recovers, Walker Monday told Fox News’ Stuart Varney.
If the U.S. government doesn’t “start making tough choices in installments, phased in over times, then our future is not going to be as good as our past,” Walker said. “The shocking thing is that [the current deficit] is not the real risk.
“The real risk is the deficits that we are going to have after the economy is fully recovered, after unemployment is down, after the wars are over, after the tax cuts have passed,” he warned. “That’s the ice in the iceberg that is below the water that could sink the ship of state.”
Walker – founder of the Comeback America Initiative, an organization whose mission is to foster a national discussion around fiscal challenges and solutions – said President Barack Obama’s proposed 2012 budget basically does nothing to confront the future ramifications of atmospheric debt and the soaring deficit.
“He is the chief executive officer of the United States government. He is the political quarterback in chief. He needs to lead, rather than punt,” Walker said. “He appointed this [debt] commission. They did good work. And he has done nothing with their work.
“It’s an incredible disappointment.”
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