LBJ ran the US economy into the wall by the Vietnam war and entitlement increases. History repeats itself.
So did FDR. His debt was 130% of then-GDP to pay for the war effort AND the New Deal.
The debt is funded by 30-year bonds. The bonds from 1942 and 1968 have been retired. Our present debt ratio is 3.1% of GDP.
http://www.freerepublic.com/focus/f-news/1171083/posts
U.S. posts higher-than-expected June budget surplus
Reuters ^ | Tue Jul 13, 2004 | Laura MacInnis
http://www.freerepublic.com/focus/f-news/1129124/posts
Federal Deficit Likely to Narrow By $100 Billion
Washington Post ^ | May 4, 2004 | Jonathan Weisman
Note both articles are from mainstream sources.