U.S. Comptroller sees long-term need for tax hikes

January 11, 2007
U.S. Comptroller sees long-term need for tax hikes

WASHINGTON, Jan 11 (Reuters) - Tax increases are essential to avoiding long-term fiscal ruin and overcoming a "demographic tsunami" that would eventually swamp the U.S. budget with senior citizen health care and retirement costs, Comptroller General David Walker told Congress on Thursday.

But Walker also warned the new Democrat-controlled committee that cutting spending will
not be enough.