Yes, we've said it before. But now someone bipartisan and a former Reagan administration official is saying it. And he says it's much worse than we think.

The federal government's budget is in far worse shape than most Americans realize, and the fiscal hole is deepening, the head of Congress' non-partisan watchdog agency said yesterday.

"Our projected budget deficits are not manageable without significant changes" in taxes or spending, U.S. Comptroller General David Walker said in a speech to the National Press Club. "We cannot simply grow our way out of this problem."

Watchdog sounds alarm over deficit, warns it's 'not manageable', Seattle P-I