Financed at 3.5%, it would require annual payments of $977.4 billion to retire the $18.1 trillion national debt in 30 years.
This assumes deficit spending (projected to average $512 billion annually, already factoring in increasing revenues going forward to 2020) would cease in order to balance the books and cap the debt.
Together debt repayments and cessation of deficit spending imply cutting current allocations by a total of $1.5 trillion annually, leaving just $1.7 trillion to fund government outlays in fiscal 2015 projected to soar to $3.8 trillion.
Out of control and misplaced spending therefore amounts to 55% of projected outlays in fiscal 2015, or $2.1 trillion.
In the already low GDP environment, a 55% fiscal contraction is utterly unthinkable to anyone in either political party, the equivalent of an 8.5% hit to the current dollar GDP at $17.69 trillion.
The revenue projection for fiscal 2015 is just $3.2 trillion, but will be the highest ever.
