CBO predicts huge increase in debt over next couple of decades under current path

Government health care spending is out of control. Even with revenue as a constant share of national income, the deficit is going to surge with the increase rising costs of government health care programs.

debt held by the public would exceed 100 percent of GDP by 2021. After that, the growing imbalance between revenues and spending, combined with spiraling interest payments, would swiftly push debt to higher and higher levels. Debt as a share of GDP would exceed its historical peak of 109 percent by 2023 and would approach 190 percent in 2035 . . . .

So what do the Democrats want? Reuters reports that they want a new "Stimulus" plan.

Democrats call for new stimulus . . .

Democratic leaders called on Wednesday for new spending and tax cuts to boost the sluggish U.S. economy, setting up a fresh hurdle for bipartisan efforts to head off a government debt default this summer.

At the same time, a new report warned that the country could face a European-style debt crisis unless Washington cuts spending or raises taxes.

The report by the nonpartisan Congressional Budget Office adds urgency to the work of negotiators, led by Vice President Joe Biden, who are trying to find trillions of dollars in savings as part of a deal that would allow Congress to sign off on new government borrowing before the U.S. runs out of money to pay its bills.

As the group faces competing demands for stimulus and austerity, some have suggested that it may not be able to get a deal done in time to head off a debt default in early August. . . .