National Debt Could Hit 300 Percent, an Unsustainable Level

The federal government is spending so much that in a few years, the national debt will be more than the entire economy produces. And that would be far more debt than the country could handle.

That's according to Gene Dodaro, the comptroller general of the Government Accountability Office (GOA), who provided the results of its audit to the Senate Budget Committee.

"We're very heavily leveraged in debt," Dodaro told the committee. "We're going to owe more than our entire economy is producing and by definition this is not sustainable."

The audit also questioned the government's financial statements, the Washington Free Beacon reported.

"GAO's audit calls into question the reliability of the underlying financial data," Sen. Mike Enzi, R-Wyo., said. "The sketchiness is such that GAO remains unable to even issue an audit opinion on the government's books."