From the Boston Globe:

WASHINGTON - A new nationwide campaign is warning Americans that unless the federal government puts its financial house in order, the country could be bankrupt in a generation.

The project, organized by Peter G. Peterson, an investment banker who served as commerce secretary in the Nixon administration, and David M. Walker, the former comptroller general of the United States, aims to build grass-roots support for wholesale changes to the federal budget - though the overhaul would require middle- and upper-income Americans to give up some cherished government benefits.

Peterson and Walker said yesterday that the campaign, sponsored by the nonpartisan Peter G. Peterson Foundation in New York, will kick off next week with a documentary called “I.O.U.S.A,” the first salvo in an aggressive, multimillion dollar effort that will include television advertisements and Internet outreach.

Peterson, the foundation president, and Walker, the chief executive, said the widening gap between government revenues and spending will eventually destroy the confidence in the American economy that has led international lenders to continue to finance the national debt.

“We are going to get a crisis like most Americans have never seen,” Walker said during a breakfast sponsored by The Christian Science Monitor.

The national debt is now more than $9 trillion.

See the link for the rest of the article. Peterson’s group also puts out a color brochure titled, The State of the Union’s Finances.

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