As the debt ceiling debate rages on, the primary argument remains raising taxes versus cutting spending. In my opinion, the only way to correct our debt problem is to bring spending back in line with where it has been historically as a percentage of GDP. Deficits historically are created my excessive government spending, not a lack of tax receipts. When government spending as a percentage of GDP goes above 18-19%, we historically run deficits. Right now we are around 25%. Brian Westbury, chief economist at First Trust, does a nice job explaining spending and how it relates to GDP.