News of the Week: Debt, Taxes, Spending

Here's a brief review of what's happening economically:

1. National Debt:

This is now predicted to surpass our GDP by 2012, which will be detrimental (to say the least) to our economoy

http://www.bloomberg.com/apps/news?pid=20601109&sid=aa0cI64Gx.4E

2. Taxes:

Congress is busy raising our taxes another 43 billion dollars (on top of the new health care taxes, which amount to about 500 billion dollars).

This is on top of the tax hikes which will occur when the Bush tax cuts expire. Taxes will also rise on capital gains and on earned dividends.

http://blog.heritage.org/2010/06/07/now-is-the-worst-possible-time-for-tax-hikes/#more-35416

2. Spending:

Congress is also billions of dollars in emergency and unbudgeted spending:

http://www.foxnews.com/politics/2010/05/26/despite-soaring-national-debt-congress-goes-spending-spree/