What would happen to you if you spent 40% more money than you made?

I'd be bankrupt. Problems is, the government is allowed to overspend. We can't!

What's insulting is that an idiot in the CA legislature thinks that living within your means is "meaningless." It's attitudes like that that got us in this mess!!!

We have the same problem here in the UK but on a smaller scale.

The worst part of it, is any money a government borrows is secured on future tax revenue. Mix in the problem of a declining birth rate in Europe (I think the same in US), the population is getting older with fewer young people to work and pay taxes for the pensions and welfare system being paid out.

The UK government has let immigration run wild to fill the gap between tax payers and benefit claimants in an attempt to make up the loss. Unfortunately our children and grandchildren will still be paying off the debts.

how about we realize that we have way too many people living in the US and not enough money to "support" them?

I say lets figure out how many illegals we can get rid of that sucks a big chunk of the budget and limit the number of legal immigrants per year ... until we get back on our feet. i know that they are not the main problem but it would be a start. We need immigrants, it is what makes us strong. But it comes a time when we need to slow down and this is the time. California spends a fortune because of illegals be it health care, education, integration programs or incarceration of illegal criminals ... yet all they proposed for their budget is cuts on education, raise taxes or close parks.

No not really conservatives have been saying you cannot spend your way out of this mess , I only add the following:

Thank you Speaker of the House Nancy Pelosi an lets not forget to thank Harry Reid, for before they came to power in 2007 I actually had a good life. they came to power and it all went to them , I wish GWB had used that veto pen, but unfortunately he listened to Goldman Sachs.

2007 will be the year that will be blamed for the destruction of America as we all know it growing up. Blame will be placed on Speaker Pelosi and Senate Maj. Leader-Reid.

Many people do. It's why they're now whining about the "predatory" credit card companies and mortgage lenders. Sure, the companies were in it for the money but nobody was forced at gunpoint to borrow more than they could afford. People living above their means is part of the cause for our current economic mess. They're no less guilty than government of spending more than they earn, and now they're expecting government to bail them out at the expense of the taxpayer.

You would be in debt (probably with a credit card),or it could be dependent on what kind of car you drove,a lot of things.The main point is that you would be in debt.The nation as a whole has been in debt for awhile,not only because of the government,but due to the actions of irresponsible citizens as well.

Well it depends if I use it to buy solar panels that will save me money, I would save money in the long run, if I spend it in a business I would probably have a ROI, so it depends on what I spend it. If I just took a loan to free my friend I guess I would have to sit and wait for it to come back.

become President of the United States of America

You'd be well within the realm of common sense according to our great leaders...

http://www.cnbc.com/id/31685244

(will 25% suffice?)

I would be qualified to be in government, for sure.

However, as a private citizen, I would be held accountable for my wasteful spending.

When you are in congress and do it, you get re-elected.