Federal Budget Disaster Seen, but Won’t Be Heard
By Janet Hook for the LA Times.

Even though the government is on track to run a record deficit in excess of $500 billion next year, neither President Bush nor congressional leaders have proposed doing anything to balance the budget anytime soon. Their strategy: to wait for a vigorous economy to do the job for them.
That makes David M. Walker, head of the General Accounting Office, Congress’ investigative arm, a rare Cassandra. He is giving a speech today warning that the nation’s long-term fiscal outlook is seriously out of whack. And he challenges the assumption that economic recovery will solve the problem painlessly.
“We need a wake-up call,” Walker said in an interview. “We need to come to terms with reality: The gap is too great to grow our way out of the problem. Tough choices will be required.”
His is a lonely voice on Capitol Hill, where deficit-expanding initiatives are growing like crabgrass, unchecked amid new budget demands for the war on terrorism and the reconstruction of Iraq.
Bush and lawmakers from both parties continue to press for a $400-billion, 10-year expansion of Medicare to provide prescription drug benefits. House Republicans are pushing yet another round of tax cuts