-The Wall Street Journal, August 24, 2009 by Jon Hilsenrath
http://online.wsj.com/article/SB125099227629751737.html#printMode
Large long-term deficits could cause “serious economic disruptions,” said economist Alan Auerbach of the University of California at Berkeley, who co-wrote a paper with William Gale of the Brookings Institution…. Over the next decade … the U.S. budget deficit will add up to $10 trillion, and possibly more. Credit markets, they added, have begun to signal a risk of U.S. government default, something unheard of a few years ago.
-Marketplace, August 25, 2009 by Tess Vigeland
http://marketplace.publicradio.org/display/web/2009/08/25/pm-cbo-q/
If you look down the road to later years up to 2019, both the administration and CBO are projecting higher deficits. And the most important reason for that is that revenues are coming in slower and are going to be projected to come in slower than previously. And that means that the recovery is not going to generate as much revenue as they thought. So for the longer term the news is bad.