Delaying action on the policy changes needed to rein in spending will only enable the debt burden to metastasize and require more painful actions in the future.  At 76 percent of GDP, today’s level of debt is twice the historical average of 38 percent.  Returning to the historical debt level would require cutting $479 billion annually if the cuts started this year.  If we wait another five years, the annual cuts would have to rise to almost $725 billion.  If action is further delayed until the end of the decade, over $1.16 trillion will have to be cut each year just to return to historical debt levels.  Acting now will prevent much more draconian actions in the future.