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National debt soars to highest level since WWII
12:22 PM

The federal debt will represent 62% of the nation's economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.

For more detail on the report, check out this post in USA TODAY's The Oval.

Republicans, who have been talking a lot about the debt in recent months, pounced on the report. "The driver of this debt is spending," said New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee. "Our existing debt will be worsened by the president's new health care entitlement programs…as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire."

At the end of 2008, the debt equaled about 40 % of the nation's annual economic output, according to the CBO...........................>>>>.......................>>>>...............http://content.usatoday.com/communities/onpolitics/post/2010/06/national-debt-soars-to-highest-level-since-wwii/1

Q~ Where did this debt come from... and what did we buy with all that money???

A~
http://costofwar.com/

According to that "clock", the cost of wars  (since 2001) was just over $1.011 trillion. (That includes 7 years of "bush") and 18 months of Obama.

The deficit Obama inherited on taking office was $1.3 trillion. (Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aei7Fn0ISrwo&refer=news)

Feb 22, 2009:

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Feb. 22 (Bloomberg) -- President Barack Obama plans to increase taxes on the wealthy and cut spending for the war in Iraq as part of a plan to slash the U.S. budget deficit to $533 billion by the end of his first term, according to an administration official.

Today, $13,043,900,307,968  (Source: http://www.brillig.com/debt_clock/)