Sadly, I agree with Tom here. We, nationally, will have to do both. Raise taxes and cut spending to dig ourselves out of this hole. Don't give me BO here, because it started with Reagan, actually Nixon, but even if we trace it back to FDR it doesn't matter, its not about blame. We're just stuck here, and step one is getting ourselves out of debt. We impose austerity measures on little countries though the World Bank and IMf. Mayybe its time we took some of our medicine, because its not bad medicine, it just tastes foul. Cut spending, raise taxes and get out of debt. Once you're free and clear, don't ever fall into that trap again. Its not news to anyone who has gotten into credit card trouble, it shouldn't be to the people. I'd rather do without than owe money to the Chinese. It will suck in the short run, but I'd as soon not leave my children a mountain of debt.