Failure to control US debt may bring next crisis. Kansas City Fed Pres Hoenig warns the U.S. central bank may come under political pressure to finance the rising debt, a move that could bring higher inflation. "Fiscal policy is on an unsustainable course. The U.S. government must make adjustments in its spending and tax programs. It is that simple," Hoenig said. "If pre-emptive corrective action is not taken regarding the fiscal outlook, then the United States risks precipitating its own next crisis".

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