National Debt “Unsustainable”

I have made no secret of the fact that I think the greatest danger we face is the constantly increasing national debt. It is my opinion that we need to start doing something VERY soon to not just “reduce the deficit,” but also to start paying down the debt. We are currently the world’s largest debtor, and we cannot continue indefinitely to prosper on borrowed money.

The General Accounting Office (GAO) conducted a study at the request of several Congressmen, and has concluded that our national debt is too high and must be paid down.
http://www.cnsnews.com/news/article/55629

"GAO's simulations continue to show escalating levels of debt that illustrate that the long-term fiscal outlook remains unsustainable," the August-October 2009 assessment said.

The GAO says the nation’s fiscal challenges are driven by the growth in health care costs as well as demographic trends. It also notes that without reform, Social Security, Medicare and Medicaid will account for a growing share of the economy in coming years. "The longer action to deal with the nation's long-term fiscal outlook is delayed, the larger the changes will need to be, increasing the likelihood that they will be disruptive and destabilizing," GAO concludes.

Action must be taken, and it must be taken soon. We do not have the realistic option to massively increase our spending at this time… the results could be disastrous. We as a nation are currently headed for bankruptcy, and that’s the worst possible outcome of this situation.

UPDATE: Chairman of the Federal Reserve Ben Bernanke has said that the US must reduce the yearly budget deficits. Good as far as it goes, but what about the national debt?
http://news.yahoo.com/s/ap/20091019/ap_on_bi_ge/us_bernanke