The U.S. government hit its $14.2 trillion national debt ceiling on May 16 and the global economy hasn’t imploded...yet. Treasury Secretary Tim Geithner took a few “extraordinary measures,” such as suspending investments in federal retirement funds, to bring the total debt just a hair below the limit so the government can continue borrowing until August 2.

Now, Congressional "deficit hawks" are demanding major spending cuts to some of the most vital government programs like Medicare and Social Security. But, a closer look at the country’s balance sheet shows that it’s not spending that’s out of control, it’s revenue.

Federal income tax rates are at their lowest since the mid-1950s. Keeping taxes as low as they currently are doesn't make any sense (especially for the wealthiest taxpayers), but lowering them further is pure insanity. Be that as it may, that’s precisely what Republicans are proposing.

Perhaps it's time we ask our federal officials what their fiscal priorities really are.

Should we…

• …cut social security benefits by $110 billion a year or maintain payroll taxes on the wealthy?

• …cut food aid for seniors or lift the bush tax cuts for millionaires for just one day?

• …make $5.8 billion in spending cuts or implement a 2% increase in taxes for the top 5% of income earners?

• …save $41.6 billion per year by increasing the retirement age two years, or increase the corporate tax rate by 1.5%?

• …cut corporate tax rates by 10% as proposed by Senator Ryan in his budget proposal, or completely cover all of Medicare’s current costs?

• …cut Pell Grant funding for college students by $8 billion over 10 years or increase taxes on wealthiest 1% by a measly 0.05%?

• …implement the Bush tax cuts for another 10 years or reduce the national debt by $2.11 trillion?

As politicians fall into hysteria over our looming debt, we need to put things into perspective. If more tax cuts will do nothing to reduce our debt, why do conservative officials so fanatically advocate for exactly that? Many of us are left wondering: Is it the debt they're really after?