The growing federal debt quickly is becoming one of the dominant
issues in U.S. politics. A Gallup poll conducted in June indicates
79 percent of the U.S. public views the growing debt as a serious
threat to the nation's "future well-being."
This has significant short-term implications heading into
November's midterm elections as it may prevent the Democratic
majority in Congress from pushing through more spending and tax
cuts aimed at decreasing the nearly 10 percent unemployment rate.
It also has long-term ramifications for federal tax and spending
policies that likely will have serious effects on small
Public pressure already was building for lawmakers to address
the growing federal deficit when a report released in June by the
Department of the Treasury indicated the budget situation...
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