Congress is getting ready to increase the federal debt. Yuval Levin:
Just continuing existing tax policy would drive the federal debt well beyond 200 percent of the size of the economy over the next 30 years, according to the Congressional Budget Office. By that point, interest on the debt would take up about 80 percent of federal revenues. Such levels of borrowing present enormous risks to the American economy, and even in the absence of any dramatic fiscal crisis would reduce growth significantly.