[Thane_Banquo]

The deficit for FY 2013 will be $901 Billion and $668 Billion for FY 2014. This is a significant improvement over the $1,327 Billion for FY 2012. The next important step is to grow the economy and get the unemployment rate to around 5% or 6%.

First off, with US debt-to-GDP above 100%, a $668 billion deficit is unstustainable. The chart has it finally leveling off at $500 billion. Still unsustainable. When debt is greater than GDP, you have to drastically cut spending or you enter a downward spiral. No one is proposing true spending cuts.

Second, you say "the deficit for FY 2013 will be." Will it? I don't have a crystal ball myself, but based on Boehner's actions so far, my guess is he folds like a cheap suit. Romney, if he wins, displaned no tendency in Massachusetts to govern any differently than Obama has so far.

[nascarnation]

The USA is like that family in 2008 riding a wave of fake prosperity based on credit cards and helocs.

[moonshot925]

“First off, with US debt-to-GDP above 100%”

67% of the national debt is held by Americans. The national debt (gross federal debt) is $15.8 Trillion. $11 Trillion is public debt and $4.8 Trillion is intragovernmental (money the government owes to itself). $5.9 Trillion of the public debt is held by Americans and $5.1 Trillion is held by foreign countries. The dollar is the reserve currency of the world. We have the ability to print as many dollars as we want.