What a shock, huh? No deficit spending means no borrowing, and no new bonds, making the existing dwindling supply worth more and more!
Seriously, if we continued to pay interest on the debt out of current tax revenues as we do, and then amortized the debt principal of ~$32 trillion, you'd have to extract ~$3,212.85 in additional taxes every year for thirty years for every man, woman, and child alive now to have a hope of paying it off ($1.066 trillion per year).
Current federal receipts average in excess of $4 trillion already, so that's an increase of annual revenues to the federal government through taxation in excess of 25%.
About as likely as spending curbs.
