The graph reprinted here from Douglas Holtz-Eakin's testimony before the House Ways and Means Committee last week is stunning. It shows that federal spending is projected to exceed 50 percent of GDP by mid-century while revenues will be less than one-fifth of GDP. Virtually all the gap is due to increasing entitlement spending, mainly on the elderly and mainly on health care.

The full testimony is available at http://www.cbo.gov/ftpdocs/63xx/doc6365/05-19-Long-Term.pdf