The head of Congress' investigative arm, in a highly unusual move, will issue a stern warning to the American public that the U.S. economy is facing "a large and growing structural deficit" which, if untreated, will lead to significant long-term consequences.
"My son ... was a Marine Corps company commander in Iraq and I actually have less concern about him being in Iraq in that capacity than I do about what the future may hold for him and his new daughter because of this fiscal imbalance, because at least in Iraq he had some control over his own destiny," General Accounting Office head David M. Walker told United Press International Monday.
Marie Horrigan Info Space 07/28/2003__________________________________
U.S. Treasury prices tumbled for the fifth straight day on Tuesday as the market's failure to steady itself even on weak economic data spurred sellers.
Treasuries briefly erased early losses after the Conference Board reported a surprise slump in its index of consumer confidence to 76.6 in July from 83.5 in June.
The slide in the New York business group's confidence measure hinted that consumers' belief that jobs are hard to find might prompt them to restrain their spending, threatening crucial support for the economy.
Ellen Freilich Forbes.com newswire/Reuters 07.29.03
