Fed President agrees on debt crisis

Thanks to Kathleen for finding this short article.

WASHINGTON (MarketWatch) -- U.S. fiscal policy is on an "unsustainable course" and the government must adjust its spending and tax programs or risk a crisis, Kansas City Federal Reserve Bank President Thomas Hoenig said Tuesday. In remarks prepared for delivery to a conference about the budget, Hoenig also said the current outlook for fiscal policy poses a threat to the Fed's ability to achieve price stability and long-term growth. It's therefore a threat to the Fed's independence, Hoenig said.