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This was from michael m, who seems to know alot about the national debt -

Heres the bottom line for 2011 folks. The math is really simple. The problem is really pretty simple. Politically however its very difficult to fix as we will find out this year.
2011 Proposed Federal budget 3.8 Trillion dollars
Deficit spending in that 2011 budget 1.59 Trillion dollars
SIXTYFOUR percent: Percentage of the budget that is made up of Defense,SS, and Medicare along with interest payments on the debt.
You could cut EVERY other program in the budget to ZERO and without touching the big three Defense SS and medicare you still wouldnt balance the 2011 budget. Thats not politics folks thats just reality. If you dont address those three major programs you have no hope of fixing the fiscal mess in the US.
By extending these tax cuts you will now reduce the projected revenue to the treasury by an additional 320 Billion dollars bringing the deficit spending for 2011 to 1.59 Trillion $$. Therefore the Congress would now have to find 1.59 Trillion dollars in cuts in order to balance the 2011 budget. Good luck with that folks. Any politician who tries to tell you that the US Fiscal House can be made right by extending current tax rates and not addressing the big three programs is simply blowing smoke at you in the worst possible way. The numbers are depressing but they are what they are. And thats just for 2011. The numbers get no better in subsequent years. The only way to address the problem is by increasing revenues combined with some unpleasant cuts in programs held near and dear by a lot of people in America. Most of us cant begin to even conceive of what trillion dollars is let alone 3.8 trillion but you cant have more than a third of the budget be deficit spending and hope that you will somehow grow your way out of that. Those numbers simply dont work.
Of course these numbers were before the reduction of the payroll tax by 2 percent which will force the treasury to borrow an additional 120 billion dollars in 2011 in order to pay current recepients their Social Security checks.