The document summarizes US budget deficits and debt levels over time. It shows that under current policies, the US debt held by the public is projected to reach levels not seen since World War II by 2019 and exceed 300% of GDP by 2050. It also projects that spending on major programs like Social Security, Medicare, Medicaid and interest on the debt will consume all federal revenues by 2050 if health care costs continue rising much faster than the economy.