MOUNTAIN OF DEBT: Rising debt may be next crisis (AP)

The House Democratic health reform plan includes a provision in section 401 that creates a new "tax on individuals without acceptable health care coverage." That means if the government doesn't approve of the type of health insurance you have, you will be taxed as much as 2% of your yearly income. And there's no exemption for people making less than $250,000 per year! I do not believe increasing our taxes is a patriotic way to celebrate Independence Day.

Thanks for all the taxing and spending Obama!

I truly wish that balanced journalism would appear on Yahoo. In 6 months in office, Mr Obama has generated / committed to a mountain of debt more than all 8 years prior combined, and does not include war spending. Obviously the author has lost any ability to blame it on Bush - that is getting to be almost laughable. Now it is the founding fathers fault, and the only way out is decrease benefits and increase tax!!? Come on and WAKE UP:
We are in a recession - stop trying to spend our way out of it with government dollars - fuel the economy (tax breaks) and not temporary government funded jobs Pass a constitutional amendment that disallows the President to submit or congress to approve anything above 95% of the last 12 months tax revenues, and expected income. No exceptions, period. War / emergencies happen, other programs are cut until the funds are available. The additional 5% pays down debt until it is gone, and then becomes a cash reserve for future emergencies, etc

greetings....what's the big deal about the mountain of debt....take all portions of the national debt(s) that are owed to individuals making in excess of $100,000/ year and CANCEL it.....and then start over with a more sensible economic system other than free market capitalism, one that favors co-operation over competition......it does not yet, and never has, and maybe never will exist....but,we certainly can't continue on with what has gotten us this far.....

Indeed it is the next crisis. The big "I" is steering its ugly head :
INFLATION!
...flagrant. Let us brace ourselves. Change is here.

Cap and Trade will destroy what is left of our economy , close small business due to very high utility bills and drive future business to South America. It is planned it seems or this President and the horrible Congress we have is really that stupid. And it was not started by Obama but he is executing the plan very fast.

By the end of 2008, the Chinese had almost 2 trillion dollars invested in the US.
I fear shortly our primary language will be Chinese and the secondary one Spanish.

Phil Gramm just insisted that America repeal Glass-Steagall Act (1934) which in fact had prevented such disater as this.....Phil Gramm has a Ph.D. from TEXAS a&m University in Economics back in Texas.
FOUL, FOUL, FOUL!!!!!!!!! The Congressional testimony of 2003-2004-05 dispells all of the prior knowledge of this fiasco....meanwhil P.Gramm defelcts any such knowledge and admonishes anyone who suggest his action was "FOOLHARDY"..but of course he is a multi-millionaire now, as result of his campaign contributors via the lobby groups of the insurance industry as well as the finacial industry.....Phil Gramm and Bill Clit fooled everyone back in 1999.....America is one stupid ship of fools! hahahahaha

Congress: "did jah have sex wit da Lewinsky girl?"
Clit-on:".....duhhh, well that depends on what ur definition of IS, actually IS?"
....not to worry folks, meanwhiule he also reapealed Glass-Steagall Act that very same year....and now ur real estate values suck like a machine......Dems, go figgur (but Reps are not better)

THis debt is getting ridiculous. Bush spent way yoo much money and now Obama will triple Bush debt. It is killing the economy. Obamanomics(i.e. spend money anywhere, does not matter) has proven to be a miserable failure. THe so-called stimulus has been his biggest miserable failure yet but the cap and trade and health care would bump it off the list.

Prior to signing Larry Summers from the Obama admin said the so-called stimulus would take weeks to work and must be passed now.

I order to get the so-called stimulus to pass congress, Obama prepared a graph showing the so-called stimulus would start lowering the unemployment rate 3 months after passing and keep the unemployment rate under 8.2%.

Has any administration ever really tried to balance the budget? I doubt it. Granted, the Obama budget and stimulus package has ballooned the national debt, but Bush, Clinton, Bush Sr, Reagan, Carter and every other president deserve a slice of the blame too. Let's not forget that Congress actually passes every budget and should receive flack as well for this huge problem.

It seems that this country has become addicted to this excess spending and our politicians have shown themselves to be cowards for letting this situation continue as long as it has.

Severe cutting of the budget and tax increases will happen sooner or later. The sooner it does, the less painful it will be to society and its citizens.

The huge national debt increased by GWB certainly but increased grossly by Obamalamadingdong is slowly but inexorably killing the American economy. Cap and trade will destroy what is left, and with all the money gone socialized healthcare won't happen. Public opinion is slowly starting to turn away from the Nitwit-in-Chief, can't wait to see how that effects the elections in 2010.

My conscious is clear. I did not vote for the Obama fraud. All of you Obama fans should have seen this coming. The only answer is hide your money from taxation and prepare to live off of the land!

More credit in our kids names !.........That solution has always worked!

Who cares rite.......we will all be dead and gone .

( I know it sounds sick and perverted on the highest level .......but thats whats been happening for years now )

America has to switch from idea's paid with credit, to ideas tested (and supported) by prepaid plans.

If not this will go on forever , getting worse and worse as slaves to the world banking industry.

It's a musical Chair monopoly .......Everyone..... cannot pay back something that is not existent.

Only a few will be able to....... by sacrificing another.

We have to change the idea of debt is money and money is debt..........It's robbing and enslaving our children

This article is an attempt to nicely apportion the blame for the debt to a type of government that has failed since its inception. Had the fathers not borrowed money to wage the rev. war there would have been no nation, or constitution, we would have continued to be british, or french, or whomever won the battle for ownership of the Americas.Our debt to 1913 was miniscule and was much less that lands and silver and gold owned by the govt..... in other words an operating debt that would dissolve if assets were considered. 1913 we began the income tax, leveed only against the richest 1%, going to 5% in 1939 and encompassing virtually everyone in 1946, to be eliminated when War costs were settled. This country ran w/o income tax until 1913. the fathers are not to blame-- start in 1913

Our Founding Fathers did NOT leave this mountain of debt! It is the last few administrations, except during war time. I guess they quit blaming Bush & are going back to people who can't defend themselves now. Research real history. Go to wallbuilders.com.

Does anybody else get the feeling it's a Ponzi scheme of epic proportion? There is no way the debt can ever be paid and no attempt is being made. It's just a lotta paper being shuffled

Again...how is this news? The national debt has been growing for years...The Clinton administration just found a way to hide it... You can't spend more then you make... even a child understands that. Just shut off all that welfare & those endless social programs that keep people dependent on the system to think for them & we'll be fine.

There is no point to TAX increases if the out of control spending & pork projects are going to keep going. It is like having $100,000 in credit card debt & paying the minimum payment every month & still using the card. It is called comon sense.

Obama this Obama that. Bush left him this mess,get a fing clue.

Interest payments on the debt alone cost $452 billion last year - This plus the money from the IOUs that they sell at ten times the actual debt is what the Federal Reserve makes a year from this Government. PEOPLE, THIS IS A FOREIGN ENTITY RUNNING OUR FINANCES. They are Obamas bosses and they want us in debt to them, ALWAYS.

Bush didn't leave this mess. This mess was left by the House and the Senate. They have the votes, they have the power. They are the ones taking payoffs from the banks, the corps, and Feddie and Fannie. They are the ones that get their palms greased and then look the other way. And Obama was the number two man right behind Chriss Dodd. Obama left himself this mess. Maybe if he had actually voted for or against a few things when he was in the Senate, he would have a right to complain. The truth is that he got the goose that layed the golden egg. Things couldn't have worked out better for him. He is passing every agenda that has been on the liberal shopping list for decades and no one can stop it. All we can do is figure out how we are going to pay for it and still feed our families.