FROM CNN's Jack Cafferty:
The United States' national debt level is the highest it's been since World War II. The Congressional Budget Office is warning President Obama's deficit commission that something must be done - and quickly.
[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2010/images/02/17/art.debt.clock.jpg caption="FILE PHOTO: A shot of the National Debt Clock on July 13, 2009"]
By the end of this year, it will represent 62 percent of the nation's economy and will rise to 80 percent in 2035. That means that simply paying the interest on the national debt will consume one-third of all federal revenue. And that's the CBO's most optimistic scenario.
Their worst case scenario has the debt hitting 185 percent of GDP by 2035 and interest payments consuming nine percent of GDP, or more than two-thirds of all federal revenue.
And getting to that point is not at all improbable. The CBO says it has just extend the tax cuts of 2001 and 2003 for most people, permanently protecting the middle class from the Alternative Minimum Tax, and permanently increasing Medicare payments to doctors, and Presto! We're there.
The president's bipartisan deficit commission has until December to come up with some ideas on how to bring down debt and stabilize the deficit. But none of their recommendations will be binding on anyone. And it's no accident their report isn't even due until after the midterm elections. In the meantime, we have a ticking financial time bomb on our hands and our government is sitting on theirs.
Here’s my question to you: What's the answer to America's deepening financial crisis?
Tune in to the Situation Room at 6pm 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.