IntroductionDid you know that the last time the United States of America spent within their budget was 1969. Since then, our country has spent more money each year than it has collected in revenues. The difference, the money that must be borrowed to bridge this gap annually, is called the budget deficit. The amount of money over the use over the years to finance our deficit is know as the National Debt. The National Debt increases by approximately one billion dollars every working day. Our debt currently stands at approximately $6 trillion. That tremendous figure breaks down to roughly $50,000 of debt per American family and over $20,000 of debt for every man, woman, and child in the United States.What will it take to get rid of this debt? Through out the years many different proposals have been suggested. Some have been radical while others have been more conservative. It is no surprise that most people do not even blink when they hear these tremendous debt figures. Most Americans have simply closed their eyes and ears when hearing and reading about this problem. However, learning more about the debt and the deficit is to our benefit because it will affect how we live our lives today and in the future. This term paper will examine what changes the government can do to reduce the national debt and deficit and the consequences that will result if the problem is not addressed.II. Body The causes of the debtA. The national debt is like a credit card billWhen I think of the national debt dilemma in the United States I get reminded of a young person who gets a credit card. This person gets really excited and starts spending money everywhere. He does not care what he buys, he goes put shopping buys everything he wants and even treats all of his friends. After all he can pay for it later, right. Well, soon after he gets his credit card the bill arrives. And he can not believe the amount. However, he notices a little note at t...
