problems with how the government is spending our money. by the the end of this year the cbo projects the debt will reach 70 percent of gdp, that is the high eit s been in 50 years. chief washington correspondent james rosen is live with the details. what are we finding out in this report? we re finding out that you and me, bill hemmer, all of us taxpayers, none of us expecting to receive valentine s from the cbo, but this office which keeps the figures for the spending in washington has just issued its 2011 long term budget outline and outlook and the one word they used is, quote, daunting. just since 2008, the imrvment o reports the amount of federal debt that is, quote, shot upward from about 40 percent of our gross domestic product, three years ago, right around the historical 40-year levels to, as you mentioned, roughly 70 percent of gppo gdp today, the highes percentage since the post world war ii