Growing federal debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage the budget and the government would thereby lose its ability to borrow at affordable rates. Such a crisis would…probably have a very significant negative impact on the country.
—Congressional Budget Office, 2012 Long-Term Budget Outlook
It’s pretty obvious from looking at this chart that this is financial disaster. If we continue to borrow and spend, we’ll never be able to move forward or pay for the items we dearly need.