Report: Nat'l Debt Reaching Alarming Levels

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The national debt is headed toward dangerously high levels that could threaten the U.S. economy in the future, according to a report from the Peter. G. Peterson Foundation.

The study by the budget watchdog group says the debt could reach 200 percent of the economy.

That much debt is hard to pay back without heavy taxes or possible inflation. That, in turn, could lead to another major financial crisis like the one in 2008.

"Lawmakers and the American people should not be under any false impression that our debt challenges are behind us," the report warned.

"Much more work will be needed to put the federal debt on a sustainable long-term path," the report said. "Failing to achieve that goal would put the prosperity and economy of the nation at risk."

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