Actually, we doubled our total deficit at the Federal level from 6 to about 13 trillion. We are issuing massive amounts of bonds and the interest is going to the big banks that are buying the bonds. And the banks ponzied up until they had to seek protection. When they stopped lending, the government stopped taking in so much money and the debt ballooned. Had we never had the ponzi government spending would have been more reasoned, but we paid for two wars and many entitlements. I am for entitlements as a buffer against bank abuses, and the bank bondholders should take major haircuts. Until that happens I am against budget cuts to people who did not cause the ponzi housing crisis, and believe me it was a scam doomed to failure. And the scamsters, the central banks, knew it would fail!