As the Wall Street Journal notes, the problem is spending, which is expected to hit 21.5% of GDP next year. I can't rationalize the accompanying chart, however. It shows "defense" spending increasing only 64% (inflation-adjusted dollars) during the Bush era. Where, pray tell, is the bill for Iraq and Afghanistan? If those two wars haven't even doubled the Pentagon budget, then it's long past time to figure out where all of those other defense dollars are going.
Of course, both McCain and Obama promise to balance the budget ... but on the other side of their mouths they talk about expanding government spending on this or that. (The politically correct thing to spend money on is "energy" -- however broadly defined that might be.)
Consequentially (and unsuprisingly), the The Concord Coalition is calling for Congress to enforce congressional pay-as-you-go rules (paygo). Hah!