Scientific American has a great interactive feature today on the problem of space debris and what might be done about it. On the issue of cleanup, the article notes:
These nations and others realize that hundreds of billions of dollars in satellites vital to communications, military strategy and environmental monitoring are on the line; the international community is beginning to make plans to clean up debris. Russia and the U.S. have already crafted some debris-removal proposals, and China’s recently unveiled five-year space plan has provisions for monitoring debris. Scientists who say the debris problem has reached a tipping point are urging space agencies to begin cleaning debris as quickly as possible, but legal and technological hurdles could stall such efforts.