The warnings about red ink at the federal level have been repeated ad naseum for years, and basically they've pretty much been ignored in recent years, especially since the Bush Administration allowed budget restraints to expire in 2002.

"I think it's very likely by the end of this presidency that the total debt of the county will have come close to doubling in eight years," said David Walker, the former US Comptroller General.

"We have had a failure of leadership on both ends of Pennsylvania Avenue and both sides of the aisle," Walker added on Wednesday at a news conference at the National Press Club in Washington.

How bad is the financial bottom line for the US? Well, if you add in all the obligations of Social Security and Medicare, you've got some mind blowing numbers.

"We're talking $55 trillion plus in the hole, the federal government," said Walker with a look of extreme distaste on his face.

Walker has been making this case for years, arguing that budget cuts and restraints are needed by the Congress, coupled with Social Security reform, a first round of tax reform and changes in health care.

As for all the promises of the two major party candidates for President, Walker gave them the verbal back of his hand, belittling their refusal to directly address spending issues in their first two debates.

"Frankly, I've been very much disappointed with what I've heard," Walker told reporters.

"We cannot expect to be able to borrow whatever we want, whenever we want, at low interest rates from foreign lenders."

"We need to start taking steps to avoid what would be a super subprime crisis, a meltdown of the federal government's finances," Walker said.

But let's face it, can you imagine a Presidential candidate talking about actually making hard choices in terms of Social Security and the budget? Someone who actually might make those choices, and not just talk the talk, but walk the walk?

I think his name was Ross Perot, and last time I checked he didn't win in 1992.

This is bigger than pork barrel spending. This is bigger than a few pet projects.

Unfortunately, we probably won't do anything about it until there is a crisis, just like is occurring right now in US and world financial markets.

"Leadership is being ahead of the curve," said Walker, who says the refusal to address these issues now will only put the huge financial bill on future generations.

Walker labeled that "Taxation without representation."