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U.S. Fiscal Responsibility – An Assessment of Growing U.S. Deficits and Debt Obligations

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Michael Spencer

Michael Spencer

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Fiscal responsibility is rapidly becoming one of the most important issues facing the United States. Debt is growing at an unsustainable rate and unless decisive action is taken soon time may be running out to voluntarily change the financial course of our future. Failure to reign in debt could lead to a fiscal crisis where investors, both foreign and domestic, lose confidence in the U.S. ability to manage its budget. This in turn, would decrease the value of the U.S. debt financing instruments, i.e. Treasury Bonds, affecting the U.S. ability to borrow at affordable rates and driving up interest rates resulting in either severe inflation or deflation and high unemployment. Without strict adherence to fiscal responsibility, which at this point equates to cuts in both discretionary and non-discretionary spending and increases in tax revenues, these outcomes may be unavoidable.

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