"deficits will not return to...sustainable levels over the next 10 years..."

Cato Institute:

The chart below shows federal spending in three component parts over the last five decades. It includes Obama’s proposed spending in 2011.

A little bit of debt isn't necessarily a horrible thing. An occasional deficit, under some circumstances, isn't cause for panic.

But this is not sustainable.

As even the New York Times recognizes:

By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 — years after Mr. Obama has left the political scene, even if he serves two terms — they start rising again sharply, to more than 5 percent of gross domestic product.

But it's all George W. Bush's fault...