How Deep Is the Hole?

Current unfunded obligations that the U.S. has appear to be about $56.1 trillion dollars or at the current GDP ($14.264 trillion in 2008, current dollars) about 3.9 times the entire Gross Domestic Product. Given that the federal government revenue for 2008 was only $2.54 trillion if we stopped funding everything and just paid off the unfunded obligations it would take the entire government revenue for 22 years with no interest. A 3% interest rate would consume two thirds of the revenue just paying the interest. It should be obvious to anyone that this is not a sustainable situation. The government can be expected at some point to default on its obligations. So if you're counting on them not defaulting you are going to be badly disappointed.

The hole is very very deep!