US will soon be unable to rely on the kindness of strangers

The rest of the world will apply the fiscal discipline to us that we can’t develop on our own.

eventually people get tired of giving the drunk money, and he either gets clean out of necessity or turns to a life of crime.

Higher taxes, or reduced federal benefits and services – or a combination of both – may be the inevitable consequences.

The debt is complicating efforts by President Barack Obama and Congress to cope with the worst recession in decades as stimulus and bailout spending combine with lower tax revenues to widen the gap.

Interest payments on the debt alone cost $452 billion last year – the largest federal spending category after Medicare-Medicaid, Social Security and defense. It’s quickly crowding out all other government spending. And the Treasury is finding it harder to find new lenders.