The US needs to take urgent action to cut its
debt in order to prevent the next financial crisis, which may start in
Washington, Sheila Bair, chair of the Federal Deposits Insurance Corp.
(FDIC) wrote in an editorial in the Washington Post.
federal debt has doubled over the past seven years, to almost $14
trillion, and the growth is a result of both the financial crisis and
the government's "unwillingness over many years to make the hard choices
necessary to rein in our long-term structural deficit," Bair wrote.