"For years, we've been warning that the budget was out of balance over the long term and we should act while there is still time," said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget. "Well, guess what? Time is quickly running out. We're drowning in unprecedented levels of red ink, and there is no plan to fix the situation."

"Ultimately, the long-term budget outlook will necessitate serious tax and spending changes," says the Committee for a Responsible Federal Budget, which is led by tax and budget experts from the left and the right.

Health insurance companies worry a public option that the Obama administration wants will spell trouble in the marketplace. What is a public plan and how much will such a plan cost?

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Maya MacGuineas, president of the Committee for a Responsible Federal Budget said the United States was "drowning in unprecedented levels of red ink, and there is no plan to fix the situation."