The Congressional Budget Office is warning that the government's rapidly growing debt is the largest since World War II.
The federal agency also said spending is going to climb even higher because Americans are getting older and health care costs are rising.
Terry Jeffrey, editor in chief of CNSNews.com and author of the book Control Freaks: 7 Ways Liberals Plan to Ruin Your Life, appeared on the August 2 edition of the CBN Newschannel's Midday News program to talk more about the Obama administration's economic policies. Click play for his comments.
"Unless policymakers restrain the growth of spending, increase revenues significantly as a share of GDP, or adopt some combination of those two approaches, growing budget deficits will cause debt to rise to unsupportable levels," the CBO said in a statement released Tuesday.
The CBO also said the sooner Washington acts to cut the deficits, the better.
"Our way of life is being threatened by an economy with too much debt because of a government that spends too much and taxes too much," House Minority Whip Rep. Eric Cantor, R-Va.,said in response to the report.
"Republicans are ready to govern and put a check on the Obama administration's unprecedented spending binge so that Americas can get back to work and our children have more opportunity, not a bigger bill because our generation failed to lead responsibly," he said.