FROM CNN's Jack Cafferty:
The national debt - now topping $12 trillion - has more than doubled in just the last eight years...
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/12/16/art.debt.clock.jpg caption="The National Debt Clock in midtown Manhattan in July 2009. Those numbers currently top $12 trillion."]
And experts say that if the government doesn't come up with a plan soon to get the debt under control - we could risk panic in the financial markets. They say the government shouldn't raise taxes or cut spending immediately so as not to hurt the economic recovery. But the changes will have to happen by 2012 or else. Don't hold your breath...
One option on the table is a bipartisan commission to look into sweeping tax increases and spending cuts. CNN is reporting that President Obama is seriously considering an executive order to set up such a panel. Excuse me, but isn't that what the government is supposed to do... manage taxes and spending?
This latest brainstorm would have a bipartisan group taking months to study the problem and then decide AFTER the 2010 midterm elections what to do. Wouldn't want to raise taxes or cut spending before they're up for re-election, right?
Meanwhile - instead of the proposed $2 trillion increase in the debt ceiling - fiscal hawks In Congress want to increase it by only a "couple hundred billion dollars" at a time.
I guess the idea is that way nobody will notice how far in the toilet we are. If the U.S. doesn't raise the debt ceiling by the end of this year - we will default on our debt. This is scary stuff and requires a backbone to make some tough calls. So let's get someone else to do it.
Here’s my question to you: Is a special commission the answer to finally addressing the deficit?
Tune in to the Situation Room at 4pm to see if Jack reads your answer on air.
And, we love to know where you’re writing from, so please include your city and state with your comment.