(From the NYTimes) When at last, the Fund points its finger on Uncle Sam's nose:

The International Monetary Fund has long been accused of failing to sound the alarm before countries with reckless fiscal policies implode. So it was nice to see staff members of the fund's Western Hemisphere department hold a press conference last week to publicize one nation's worrisome trends, which threaten foreign investors and the global economy.

Who was in for the scolding? Haiti? Argentina? Mexico? Not exactly. It's the United States the fund is worried about. An economic slowdown and President Bush's huge tax cuts conspired to swing America's federal budget from a surplus of 2.5 percent of gross domestic product in 2000 to a deficit of some 4 percent in 2003. Add the states' own budget shortfalls and the country's trade deficit, the I.M.F. report notes, and the United States faces an "unprecedented level of external debt for a large industrial country."

Here is the official release from the IMF.