NONE of you has shown where we will cut $700 Billion per year from the budget to solve our fiacal problems. What is the Problem?
Col Gene,
Politics aside, the fact remains that the U.S Government (notice how I'm not pointing fingers at a particular individual?) lowered taxes by a MASSIVE amount and then invaded two countries, both of which required literally shipping pallets of cash overseas. Even if the U.S were to decide to leave Iraq tomorrow by the time all was said and done with getting the troops and materiel home, total cost of the Iraq invasion and occupation would come to around a trillion dollars by most estimates. If the U.S stays there longer it will easily pass the trillion dollar mark.
This isn't even taking into consideration the massive additional spending on
A) Defense contractors at home, who are producing the tanks, aircraft and support systems (cause you know that all those F-35's are needed to fight the box-cutter weilding terrorists, it has nothing to do with preparing for a future title fight with China)

"Homeland security" contracts, which means many, many, private security companies getting loads of your tax money from the U.S Gov to help "secure the homeland" with domestic surveillance of your own citizens
So in quick summary-
Lower the taxes significantly, reducing the amount of money the gov. gets, then go to war which will massively increase necessary expenditures, making sure to contract out as much as possible to private companies on cost-plus arrangements (quite often on no-bid contracts) further increasing the amount of public money that goes into private hands.
How does this all get paid for?
By countries like China, Japan and the U.K buying your debt. That's right, this entire war the U.S has been fighting is going on the biggest VISA bill in history and foreign nations are the credit card company. Thing is, they're only footing the bill because they've been buying such large amounts of U.S securities, largely because oil is traded around the world with U.S dollars. But as of late these countries have all been quietly dumping their stocks of U.S currency, in august China dumped more than 160 billion U.S for other currencies. This is part of the reason why the dollar is dropping at a precipitous rate and will soon be DOA with the feds' latest quarter point interest rate cut to speed along it's death. Now all these other countries won't dump their U.S dollars all in one go because that would be too big of a shock to the global economy, but mark my words they are doing it, just more gradually. What this means is that you are gradually going to see your dollar drop and drop- kind of like watching a slow motion train wreck. By the time the shite really hits the fan though, the present administration will be out of office and can say "hey, things were fine on our watch!"