US "Approaching Insolvency"

If I were to tell you that someone is saying that the US is "approaching insolvency," and that the results will be "painful," would you think that statement came from a right-wing politician or talk radio host? What if I told you it came from one of the Federal Reserve Bank Presidents?
http://www.cnbc.com/id/42209447

"If we continue down on the path on which the fiscal authorities put us, we will become insolvent, the question is when," Dallas Federal Reserve Bank President Richard Fisher said in a question and answer session after delivering a speech at the University of Frankfurt. "The short-term negotiations are very important, I look at this as a tipping point."

But he added he was confident in the Americans' ability to take the right decisions and said the country would avoid insolvency.

I do not share his confidence. Why? Because of who occupies the White House and who controls the Senate. Democrats in general and Obama in particular are absolutely refusing to accept the reality that we MUST reduce spending dramatically or face eventual bankruptcy. And with them in charge, how are we going to start fixing the problems?