'Day of Reckoning' on Horizon

Robert Reich, former Labor Secretary under the Clinton Administration, says the U.S. is headed for a 'Day of Reckoning.' Here's a quote:

While the country is recovering from a recession in 2001 with decent overall economic growth and a return of information technology business, there are three storm clouds on the horizon in the next year or two, he said. They are high oil prices, a $400 billion U.S. budget deficit, and record high levels of consumer spending and record low levels of consumer savings.