This is how serious the spending issue is
Here:
^In FY 2011, we are running a $1.425 trillion deficit. This single year of spending will take our public debt from 62.1% of GDP up to 69.1% of GDP.^
^...So here's the bottom line. If you believe that the GDP will start growing at a healthy rate and continue at that rate forever, and if you manage to reform Medicare, Medicaid, and Social Security, and if you reform the budget process, and if you reform the tax code, and if you accomplish all these reforms in FY12, then you might be able to pay off this year's spending within 11 to 12 years. Or maybe the decade after.^