"We unquestionably have a long-term fiscal problem," says Michael Granof, Professor of Accounting. "The central issue is, what do you do about it today? We're still in a recession, though it's not technically called a recession. Liberal economists argue the stimulus spending wasn't enough. The conservatives say it was misguided. They're probably both right."

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"Our current fiscal policies are unsustainable in the long run," Granof adds. "No question, we're going to need some combination of revenue increases and spending decreases. That's what the president's fiscal commission recommends. The question is, what revenue increases and what spending decreases? You can't just look at the federal government's budget in isolation. you have to als consider other problems, like the trade deficit and deferring maintenance at all levels."