Debt Commission Leaders Warn of Fiscal 'Cancer'

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The rapidly growing national debt is likely to be a major campaign issue this election year. On Sunday, the leaders of President Barack Obama's national debt commission painted a gloomy picture of the problem.

"This debt is like a cancer," Erskine Bowles, the president of the University of North Carolina and a Democrat said at the National Governor's meeting in Boston, Mass. "It is truly going to destroy the country from within."

Bowles also warned that if Washington does not change its spending habits, the government will be spending $2 trillion a year just to pay the interest on the debt.

Former Sen. Alan Simpson, R-Wyo., said all of the nation's current spending is taken over by Medicare, Medicaid, and Social Security programs.

"The rest of the federal government, including fighting two wars, homeland security, education, art, culture, you name it, veterans, the whole rest of the discretionary budget, is being financed by China and other countries," said Simpson.

The federal debt is expected to go above $14 trillion next year, which is about $47,000 dollars for every man, woman and child in the U.S.

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