Washington Post (November 26)
2010/ 11/ 27 by jd in Global News
Sheila Bair fears the next big crisis will start in Washington. The “explosive growth in federal borrowing” is the cause of the FDIC Chairman’s fears. “Federal debt has doubled in the past seven years, to almost $14 trillion” or 62% of GDP. That means each American household shoulders over $100,000 in federal debt. Bair says the deficit needs to be cut before the U.S. wakes up to a new crisis.