Word: deficits
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...wants to raise the eligibility age for Medicare benefits for Americans currently under 55 and scrap the current system for one in which vouchers would be used to purchase private insurance. While the Congressional Budget Office upheld Ryan's contention that the plan would ultimately bring the ballooning federal deficit under control - escalating health care costs would outpace the value of the vouchers, for instance, and thereby save the government money - Orszag rebuked the plan, calling it a "dramatically different approach in which much more risk is loaded onto individuals." In short, Ryan says, "the budget director took that olive...
...overspending by both the government and ordinary people armed with credit cards - and now flush with credit-card debt - Greeks know the party is over. According to a poll released on Feb. 14, nearly two-thirds of people support the government's proposed austerity measures to cut the soaring deficit. Many even believe they don't go far enough...
...That entire country has no sense of responsibility, and now we're supposed to fix it," says Karen Schumann, 27, a Berlin media consultant. The complaint has a familiar ring to it. Greece has a staggering budget deficit of 12.7% of GDP and a $410 billion public debt, which free-spending Greek officials long kept secret from the rest of the euro zone. Now that Greece is on the verge of defaulting, its monetary partners will have to hand over huge loans to help keep the country solvent - all in order to prevent the euro from going into a free...
...indeed get even worse. At a summit in Brussels on Feb. 11, European leaders pledged to help Greece deal with its crushing debt while Athens said it would slash its budget deficit to 3% by 2012 - but the leaders produced few details on how exactly they would help. (Read "E.U. Comes to Greece's Rescue, with Strings...
...alone. According to polls conducted in Germany last week, 53% of people want Greece tossed out of the euro zone if it can't resolve its deficit dilemma without outside funding - a financial helping hand that a full 71% of Germans don't want their government to extend. Though no similar surveys have been conducted in France, leaders there say the public sentiment is much the same. "There are cultural differences for why the French wait for something to happen before reacting when the Germans respond as they see it developing, but opposition to a bailout - if that happens...