Opinions. Commentaries, And Editorials -- July 3, 2009

Disbursement Operations Manager Dorothy Cottrill looks over registered warrants, or IOUs, printed at the State Controller's office in Sacramento, California July 2, 2009. The Controller has printed over 50,000 IOUs, and those dated July 2 total over $53 million. As California marked its second day of a new fiscal year without a budget agreement, the state government moved ahead on Thursday to issue billions of dollars in "IOUs" in order to avoid a cash crisis. California faces a financial stranglehold after lawmakers failed to balance the budget by the start of the state's new fiscal year on Wednesday, leaving a $26.3 billion deficit. REUTERS/Max Whittaker (UNITED STATES POLITICS BUSINESS)

MOUNTAIN OF DEBT: Rising Debt May Be Next Crisis -- Yahoo News/AP

WASHINGTON – The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.

The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.5 trillion — equivalent to over $37,000 for each and every American. And it's expanding by over $1 trillion a year.

The mountain of debt easily could become the next full-fledged economic crisis without firm action from Washington, economists of all stripes warn.

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OPINIONS, COMMENTARIES, AND EDITORIALS

Tehran Needs to Stop Meddling -- Jonathan Schanzer and Howard Gumnitzky, Weekly Standard opinion.

After the Crackdown -- New York Times editorial.

Stepping Down to Success -- Michael Gerson, Washington Post opinion.

Success and Failure in Iraq -- Michael Gerson, Washington Post

Waiting for al Qaeda's Godot -- Arnaud de Borchgrave, Washington Times opinion.

Honduras And Drugs -- IBDeditorials

You Know The Real Reason Why Time Mag Is Going Down the Drain? The Content! -- Nick Gillespie, Reason

Rising Debt May Be Next Crisis -- Tom Raum, Associated Press

China and US Headed for Divorce -- David Brooks, New York Times

The Coming Trade War with China -- Gordon Chang, Forbes

China Holds Upper Hand in 'Chimerica' -- David Brooks, New York Times

Obama's Foreign Policy Moves Smart, Strategic -- Kenneth Cone, RCP

Whose Side is Obama on in Latin America? -- Pat Buchanan, Pittsburgh T-R