Several new reports have pointed to the weakness of the long-run U.S. fiscal situation. A wide range of observers -- from independent analysts to conservative think-tanks, from international aid organizations to congressional analysts, and even from the administration itself -- are all pointing to the fact that current tax and budget policy is not sustainable. (See links below).

Like the Reagan administration, the Bush administration continues to describe the budget deficit as a manageable problem and presents a rosy picture in which deficits will soon diminish. But like the Reagan administration these comments are far from reality.