The head of the GAO [David M. Walker] also warned that if no action is taken now to control government spending, severe tax hikes could be necessary. He stated that, "balancing the budget in 2040 could require actions as large as cutting total federal spending by 60 percent or raising federal taxes to 2 times today’s level."Only Reuters covered this committee meeting and it's just now being more widely disseminated via Raw Story.
Stealing From Our Treasury:
To add insult to injury, during the same meeting, Walker was asked about the Whitehouse quoted price tag for the "surge:"
During the course of the hearing, senators also asked Walker about the cost estimates presented by President George W. Bush for sending 21,500 more troops to Iraq this year, according to Air Force Times. Walker believed that the amount of money planned to be spent on the troop escalation was much more than needed for the number of troops involved. "I have some serious concerns about the numbers...It is unclear what much of the $5.6 billion is to be spent on," they reported him saying.Investigate.