Wrong. Totally dead wrong. Go back to 9th grade and read Thomas Sowell.
America's problem is the Unconstitutional size and scope of government. The spending is a symptom of that, since government accrues and exerts power by taking money from the unfavored and giving it to the favored. The debt is also a symptom, of the "invisible foot" of government destroying the free economy, reducing revenue and demanding ever more expenditure to keep the game going.
To insure that we have a balance budget, we need a cap on federal revenue such as % of GDP along with term limits.
Public Law 95-435 Section 7 States Beginning with fiscal year 1981 ,the total budget outlays of the Federal Government shall nor exceed it receipts.How are we in debt 14 Trillion dollars . Who let the taxpayers get screwed.