We are simply exchanging our economic crisis for a debt crisis.

From Gather.com

But, based on some rather simple math, this will actually happen next year ($11.25 trillion + $3.10 trillion = $14.35 trillion). That would put the National Debt at 100% of GDP for the first time since WWII.

In Fiscal Year 2008, the U. S. Government spent $451 Billion of our money on interest payments to the holders of the National Debt. This year, with the debt even higher, the government will spend even more than $451 billion servicing our debt.

28% of our total debt (and more than half our publicly held debt) is held by foreigners or foreign governments, the highest percentage since the 19th Century

The interest expense paid on the National Debt is the fourth largest expense in the federal budget. Only Medicare-Medicaid ($739b), Social Security ($700b), and Defense ($657b) are higher.

Interest payments on the debt do not benefit taxpayers in any way. We get us nothing in return.