What Spending Problem?

Raise taxes? Cut Spending? 

From the Congressional Budget Office: The United States is facing significant and fundamental budgetary challenges. The federal government's budget deficit for fiscal year 2011 was $1.3 trillion; at 8.7% of gross domestic product (GDP), that deficit was the third-largest shortfall in the past 40 years. (GDP is the sum of all income earned in the domestic production of goods and services. In 2011, it totaled $15.0 trillion.)

Ok, so Tax Revenues minus Spending equals $1.3 trillion. That sounds like a lot, doesn't it?

Source: http://www.zerohedge.com/news/which-came-first-spending-or-debt

Source: http://www.youtube.com/user/LearnLiberty

Source: http://www.cbo.gov/publication/42636