Last week was a nail-biter for anyone concerned about the consequences of our rapidly increasing national debt (If you’re not concerned, click here to find out why you should be).

• First, the President’s Office of Management and Budget released updated budget numbers (pdf) projecting a record $1.47 trillion deficit for 2010. That means our government has enough money in 2010 to pay for entitlement programs (like Social Security and Medicare) and interest on the debt. Everything else – from transportation to education, from homeland security to NASA – is going on the nation’s credit card.
• Next, the Congressional Budget Office released an analysis (pdf) warning of a sudden and devastating financial crisis that could be caused by our mounting debt. Their stern warning to big-spenders in Congress: “…the higher the debt, the greater the risk of such a crisis.”
• Finally, a top analyst for Moody’s – a prominent credit rating agency – warned the United States that it needs to spell out a plan to reduce its national debt. Otherwise, Moody’s could lower our credit rating, an event whose consequences will ripple throughout the economy and impact everyone (think: hundreds of dollars added to your monthly mortgage payment).

Despite these dire warnings, our national debt is still on track to double from $13 trillion to $26 trillion in the next ten years.

If you’re not paying attention, you need to be. Find out more about how the debt affects your family, then click the Take Action button on the banner above.