CBO Report: National Debt Will rise to 90% of GDP in 10 Years

Is a new era of fiscal irresponsibility inevitable?

President Obama's fiscal 2011 budget will generate nearly +$10 trillion in cumulative budget deficits over the next 10 years, +$1.2 trillion more than the administration projected, and raise the federal debt to 90% of the nation's economic output by 2020, the Congressional Budget Office (CBO) reported on Thursday March 25th.