EU Style Crisis Could Hit US in a Decade: Josh Bolten
![56773336[1]](http://www.soundmoneyinstitute.com/wp-content/uploads/2010/05/567733361.png "56773336[1]")
As European politicians fight to contain the debt crisis, the United States could see a similar situation within the next decade, Josh Bolten, former Office of Management & Budget [OMB] director told CNBC on Friday.
“What’s going in Europe is a preview of what the United States could be if we don’t get our own fiscal house in order relatively soon,” he said. “We need to get a hold of it very soon before the credit markets start to come after the United States’ credit rating.”
Bolten said that during the George W. Bush years, when Bolten was OMB director from 2003-2006, the OMB often testified against “unsustainable” federal spending.
Although the Obama administration has a higher proportion of its budget allocated towards taxation, said Bolten, spending has dwarfed what gains have been made in tax revenue.
Read More: – By Natalie Erlich, CNBC.com
