I'd like to address the idea that we are spending our way to the poor house... "We are Broke" as boehner says.
Right now the US debt is trading at record low interest rates. That means the market believes it is a safe bet (Higher interest rates = higher risk of default). the USA also has a AAA bond rating and it's not even close to being changed. The bond market is always lively there is alot of demand for these things, especially as the stock and commodities market get volatile (which they have been almost non-stop for about 2 years).
there are two facts that deficit-hawks tend to skirt right by 1) under Reagan the deficit more than doubled 2) investors know that tax burden on citizens are at a 60 year low.
So the money is there. And Deficits do not equal death.
Taxes just have to be raised... and that will happen, regardless if there's a GOP president or a LIbertarian or anyone else. Taxes will be raised after 2012, they have to be.