1.47 TRILLION of red ink

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The white houes annouced the budget deficit this year will be around 1.47 trillion dollars. Yep they spent 1.47 trillon more than they had to spend. This is 10% of our GDP...which is not sustainable. Economists are saying our deficit should only be about 3% of our GDP....but don't look for it to change anytime soon. They are prodicted next year they will be a 1.42 trillion budget deficit. http://news.yahoo.com/s/ap/20100723/ap_on_bi_ge/us_budget_deficit_5 Now for those of you who don't know the budget deficit is very different from the national debt. Budget Deficit- A budget deficit occurs when an entity spends more money than it takes in....meaning the government spend 1.47 trillion MORE than it brought in for THE YEAR. Just for one year guys. Nation Debt- The total financial obligations of a national government. Meaning all spending and loans..etc.(any outstanding bills we owe at all from any years that we have not paid). Now the budget deficit will get added to our national debt because the government had to get a loan or borrow the extra 1.47 trillion (plus interest) from someone (probly China) for them to be able to spend it. Anyone seem to think we are only digging the hole deeper instead of starting to fill it in? And if the White HOuse is already predicting next years budget deficit...it does not look like they plan on doing anything about it next year either...it will just dig it deeper. What do you think? How do we solve this problem? Washington does not seem to have a clue...so lets see if we can solve it.