National debt soars to highest level since WWII

62% of the economy? And there is no end in sight. Do you people know what is right around the corner for us? HUGE tax increases, that's what. And probably a vat tax thrown in for good measure.

There is no way obama and his gang of thugs are going to stop spending, and there is no way we can afford to keep spending. If you thought the little recession we just went through/ are still in the middle of was bad, just wait. Things are going to get much worse before they get better.

obama can continue to blow smoke up our ass and tell us how we have turned the corner, but it's all lies. Just like every word that comes out of his mouth, lies. Putting thousands of people on the government payroll and spending trillions of dollars on entitlements will never solve the financial issues we face, never...

From USAToday

The federal debt will represent 62% of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.

Republicans, who have been talking a lot about the debt in recent months, pounced on the report. "The driver of this debt is spending," said New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee. "Our existing debt will be worsened by the president's new health care entitlement programs…as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire."

At the end of 2008, the debt equaled about 40 % of the nation's annual economic output, according to the CBO.

The report comes as the National Commission on Fiscal Responsibility and Reform meets today. The group, created by President Obama, is expected to issue recommendations in December to curb the debt – a point Democrats raised today.

The CBO report "reinforces the importance of the work being done right now by the president's fiscal commission," said Sen. Kent Conrad, D-N.D., who chairs the Senate Budget Committee. "We simply cannot allow the federal debt to explode as envisioned under CBO's projections. The economic security of the country and the quality of life for our children and grandchildren are at stake."