“‘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.”

Source: US Approaching Insolvency, Fix To Be ‘Painful’: Fisher – CNBC