The United States is likely to face a debt crisis within the next five years unless Congress undertakes serious fiscal reforms, says a former comptroller general who is urging lawmakers to treat the budget and deficit with the seriousness it deserves.
"The federal government has grown too big, promised too much, subsidized too many, undercut states' rights, and lost control of the budget," David Walker, who led the Government Accountability Office from 1998 until 2008, told members of the House Budget Committee on Wednesday.
