Three years ago:  from a February 2004 article in the New York Times -

   "The U.S. trade deficit soared to a record of $489.4 billion last year, ...., raising concerns about the problems such a large gap could create.  As a percent of GDP, the goods and services deficit increased to 4.5 percent from 4 percent in 2002.  The International Monetary Fund warned.... that, given the ballooning trade deficit, the U.S. risked a loss in foreign confidence and that a quick, uncontrolled drop in the dollar could upset world markets.  'The easy answers of slower growth or letting the dollar decline aren't working, so the crisis is much deeper,' said Robert L. Borosage, director of the Campaign for America's Future, a liberal public policy group. 'You can't sustain a deficit of 5 percent of your GDP indefinitely.' "
      (Note:  it hit 6.4% of GDP in 2006 - see below)

Two years ago:  Sen. Hillary Rodham Clinton (D-N.Y.), Congressional Press Release, February 2005 -

   "Today's announcement of the largest trade deficit in history is an alarm bell that we can't afford to ignore.  We need to take common sense steps now."  Trade deficit as a percentage of GDP in 2004 was 5.3%.
      (Note:  no action; someone must have hit the snooze button)

One year ago:   Trade deficit as a percentage of GDP in 2005 was 5.8%.

March 2007:  Sen. Hillary Rodham Clinton (D-N.Y.), letter to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson (as reported in the Wall Street Journal) - 

   "I supported legislation last year 'that sounds an alarm bell when U.S. foreign-owned debt reaches 25% of GDP or the trade deficit reaches 5%' of GDP."

As reported by the Associated Press at sfgate.com, the trade deficit hit a record for the fifth straight year.  The current account deficit as a percentage of GDP in 2006 was 6.5% (current account deficit = trade deficit + investment profit).  This means that in 2006, the trade deficit as a percentage of GDP was 6.4%.  And, for the first time in history, the U.S. ran a deficit on investment income."
      (Note:  snooze button wearing out)
      (Note to Sen. Clinton:  trade deficit as a % of GDP exceeded 5% three
       years ago)

Who is going to lead on this issue?

Oil is our #1 import; natural gas is #12.  This makes energy far and away the largest contributor to our trade deficit.