As the WaPo and the Grey Lady blur into sameness, here's this lead editorial from yesterday's WaPo about our dire financial condition:
"Under the realistic budget scenario, to keep the debt to GDP ratio stable over the next 25 years would require immediate and permanent tax increases or spending cuts of about 5 percent of GDP. That is a significant amount, equivalent to about one-fifth of all non-interest government spending this year."
Today's NY Times' lead editorial on the same topic is decidedly anti-Republican, but concludes thusly:
"[T]here is no way to fix the nation’s fiscal crisis without higher taxes now and in the future — and cuts in entitlement programs down the road."
So here's a little civics quiz: Given the choice between a cut in government spending equal to 5% of GDP or tax increases of the same magnitude, which do you think Congress will choose...?