No it won't. The treasury can retire the debt by issuing new debt at 1%. Heaven forfends trees from growing to the sky. If our spending is not going parabolic. It is outracing our revenues but when the economy picks up - not if - the budget gap will begin to narrow. The debt we have is by all means manageable. Its about 100% of GDP. It is the Medicare claims down thepike that are going to be a bitch. I have faith in the country. Don't beleive the doomsayers. Beleive me. When you speak to your grandchildren about the Great Depression II, you can say "I found a wise man named L-Kabong....."
Which the Fed will buy through a debasement of the currency. That's a great solution! Rates are that low because Bernanke is keeping them there. He has enabled a reckless congress to think spending doesn't matter (like you do). That'll be awesome for our future.