While most of us are packed up and pumped up about the three-day Memorial Day weekend, former U.S Comptroller General David Walker is fired up about the nation's debt.
Walker, who founded the Comeback America Initiative and served 10 years as comptroller general (1998-2008), has been sounding the alarm on our out-of-control government debt since long before it became cool to care about fiscal health.
He sat down with Matt and Aaron and blasted out of the gates, swinging at both parties in Congress and their failure to resolve the issue of raising the debt ceiling to avoid default. The current ceiling is $14.3 trillion, and at our spending rate we're scheduled to breach that limit on Aug. 2, sending the U.S into default.
"It's like playing with a tactical nuclear weapon," Walker says. "You don't want to play with a timing device down to the 11th hour."
Walker's recommendation is loud and clear, and it just might spark a new national debate. He says after Memorial Day, Congress needs to come back and "stay on the floor until they address the ceiling. They should not go home until it's resolved."
There are of course a couple more summer breaks for Congressional members between now and our pending debt default.
Walker's suggestion is arguably just the right type of austerity we need to get serious about our fiscal state of affairs, but let us know if you agree or disagree. Should Congress forego summer breaks to resolve America's debt crisis?
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- government debt
- U.S Comptroller General David Walker
- Memorial Day weekend