Dave Molina (9 March 2011)
"The Debt Star"

Not in a place that is far far away. It is here here here!

Senators: 'Financial Armageddon' awaits U.S. if deficit not cut

If the United States is to avoid "financial Armageddon" because of its dangerously high federal debt, Washington needs to adopt a package of dramatic reforms that include cutting government spending by trillions, rolling back entitlement programs in future years and changing the tax system, two U.S. senators said Monday. Mark Warner of Virginia and Saxby Chambliss of Georgia told an audience of Virginia Chamber of Commerce members that unless Congress and the president take steps to reduce the national debt - now $14 trillion - then cuts will be forced on the country by those owed the money, most prominently the Chinese government. "If we put this off, we're approaching financial Armageddon," Warner said. Warner, a Democrat, and Chambliss, a Republican, have been working with a small group...