Taking the National Debt Seriously

Taking the National Debt Seriously
"As of Sept. 30, 2009, the national debt was almost $12 trillion and interest on that debt was $383 billion for the year, according to the Treasury Department's Bureau of the Public Debt.
The Congressional Budget Office on Oct. 7 estimated the 2009 budget deficit to be almost $1.4 trillion (about 10% of GDP). In August, the White House Office of Management and Budget (OMB) estimated total government revenues at about $2 trillion.
The revenue estimate included $904 billion from individual income taxes.
This means the cost of interest on the debt represented more than 40 cents of every dollar that came in from individual income taxes."