Drowning in Debt

How bad is it? If we closed the doors on almost every federal agency during fiscal 2005 -- currently funded to the tune of $388 billion according to Associated Press -- we'd still be in the red. Congress recently raised the debt ceiling as well as passed a $2.4 trillion budget. The budget limits the growth in domestic programs to 1 percent. Programs outside the limit include Social Security, Medicare and Medicaid.

The budget bill passed the House 208-204, suggesting that most Democrats and some Republicans were not happy with the bill. Public debt is now $7.4 trillion, making America the largest debtor nation. Half of the $2.4 trillion budget is for defense and domestic security -- largely untouchable expenses. AP (Seattle PI) , Charleston (W.Va) Gazette , London Guardian