For most of the past six decades, the United States has been facing the threat of implosion from a growing federal budget deficit. Today, that threat is no longer lurking. It is here. The annual federal budget deficit has left Americans saddled with unimaginable debt. It has increased more than sixfold in the last 20 years. Today it is on steroids. This year, interest on the federal debt will be approximately $1.1 trillion. By comparison, our annual defense budget is $850 billion.