I am afraid that this whole debt thing is old stuff. The Gold Bugs were singing the same tune a few years ago. There probably been no group outside the CIA that has been as wrong and off the mark as this group. The pay down of debt is Secondary Depression stuff that allows industry rotation and a new beginning.
Debt is a necessity of an industrial economy.
Keynes was right - with the use of debt the U.S. has built the greatest and most productive economy in the history of mankind. I would also go out on a limb here and say that it is probably impossible for our system to go bankrupt. The method of taxing, the feedback that is provided by the voters, limits to the growth of debt vs. the GNP and the growth of wealth from technology put some limits to the amount of debt that accumulates. Even today's 5 Trillion is not high when amortized over thirty years or compared with the assets of the federal government. The fact that there is concern and a new balanced budget agreement, shows that the system is working.