This weekend, Treasury Secretary Henry Paulson announced a $700 billion plan for the federal government to buy distressed mortgage-related assets to stabilize financial markets. Although it is not yet clear how this will be counted in the budget, since the government could redeem them for real money in the future, it is likely to greatly increase the budget deficit.

"This is going to have profound effects on the economy. It also leaves little room for the many promises that two leading candidates for president are making," Maya MacGuineas warned in a press release from the Committee for a Responsible Federal Budget. "This is a very expensive wake-up call that we have to get our fiscal house in order."

Based in Washington, D.C., Mrs. MacGuineas is available to comment on the effect of the United State's fiscal position and on our ability to deal with the crisis. She can discuss the effect of the $700 bailout package on the budget and its effect on the promises being made by Senators McCain and Obama.

Maya MacGuineas is president of the Committee for a Responsible Federal Budget and director of the Fiscal Policy Program at  the New America Foundation. She runs US Budget Watch, a project designed to increase awareness of the important fiscal issues facing the country, through and beyond the election. To arrange an interview with Maya MacGuineas, please call Erin Drankoski at 202-997-8727 or e-mail Drankoski@newamerica.net.

US Budget Watch is a project of the Committee for a Responsible Federal Budget at the New America Foundation and is supported by the Pew Charitable Trusts. None of these organizations support or oppose any candidate for office.