Federal Debt Grew by $54.1 Billion During Fight to Cut $38.5 Billion - Politics - The Atlantic Wire

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Federal Debt Grew by $54.1 Billion During Fight to Cut $38.5 Billion - Politics - The Atlantic Wire:

"It took eight, long days for the White House and Congress to agree on $38.5 billion in spending cuts for the rest of fiscal year 2011. In that short period of time, the federal debt increased by $54.1 billion to a total of $14.2642 trillion, according to the Bureau of the Public Debt."

We need a constitutional amendment that requires a balanced budget, but allows money to be borrowed as long as a tax is immediately instituted that pays it off in 10 years at a constant rate.

So if we borrowed $1 trillion at 5% interest, we'd need additional taxes of $10.6 billion every month for 10 years.

The only way to know if the people are willing to borrow is to see if they are willing to pay it back.