By Walter Williams, Professor of Economics at George Mason University:

Because of failure to heed the limitations of the U.S. Constitution, which has produced runaway federal spending, our nation sits on the precipice of disaster.

... "At present, federal revenue is fully consumed by three programs: Social Security, Medicare and Medicaid.

The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans -- the whole rest of the discretionary budget is being financed by China and other countries."

The commission added the current budget trend is a disaster "that will destroy the country from within" unless checked by tough action in Washington. The tough action required is... spending cuts in programs, including the so-called nondiscretionary, eating most of the federal revenues.

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More government insanity:

"The U.S. is bankrupt and we don't even know it..."

The bankruptcy of the United States is now certain

NY Congressman Rangel FINALLY busted for ethics violations