Testimony submitted to the House Ways and Means Committee, hearing on statutory debt limit, January 22, 2013. This is a difficult time for the United States and global economy. Financial markets can easily become unsettled. A serious sovereign debt crisis remains unresolved in Europe's euro area. There are serious potential risks on the horizon in countries such as Japan, China, and Brazil. International Monetary Fund (IMF) Managing Director Christine Lagarde warns about a potential "relapse" in the world economy.[...]