1. National Debt and Deficits
The national debt and deficits are two highly charged political-economic issues. Go to the national debt clock at http://www.brillig.com/debt_clock/ to find the current level of the national debt. Then go to the U.S. Treasurys public debt site at http://www.publicdebt.treas.gov/opd/opdfaq.htm and answer the following questions:

1. How big is the current national debt?
   
   
2. Where is the money spent that is borrowed from the public and who decides where it goes?
   
   
3. What is the difference between the debt and the deficit?
   
   
4. Who owns the debt?
   
   

2. You Balance the Budget
In recent years, the U.S. government has run historically large annual deficits. Some politicians and voters have called for a balanced-budget amendment, requiring Congress to annually balance their spending with revenue. Like your checkbook, a balanced budget can be created by increasing taxes (called receipts) or decreasing expenditures (called outlays on the U.S. Treasury website). Go to the U.S. Treasurys Financial Management Services website at http://fms.treas.gov/annualreport/overview.html. Find the most recent budget deficit. Then look at the outlays and receipts summaries.

1. What is amount of the most recent budget deficit?
   
   
2. Which taxes, if any, would you increase to balance the budget?
   
   
3. Which outlays, if any, would you cut to balance the budget?
   
   
4. Justify your decision.