National Debt

If we continue to accumulate debt at the rate that we are, how much debt will America have by 2020? There are some rather scary projections about the United States national debt in 2020. One report says 20 trillion dollars. "By 2019, the national debt will increase to nearly 70 percent of GDP, up from 48 percent this year, the White House predicts." These numbers are far too large and need to be solved. Another source says 90 percent of GDP. The numbers vary but there is one thing in common, they are huge.

Why does it have to be cut spending or increase taxes, why cant it be both?
I think this is mainly based on political ideology. The perfect balance would probably be a mixture of both, but extremes on both ends do not want to give up any ground and "give in " to the other side. There is only two ways to lower the debt bring in more money or spend less, so the rest is up to you to decide what the best way is to lower the debt while not destroying the economy or hurting the quality of life too much. (I do not have any sources for this because it doesn't serve well for sources)

What is a good balance between spending cuts and tax increases that will lower the debt?
I think this is also an opinion based question so sources would not help prove the point. Different people have "facts" for both sides, so really it is other's opinions. I think the best balance would be about 75% spending cuts and 25% tax increases. I think this because if there is spending cuts the money that is in the free market is the same, but if there were tax increases there is less money to be spent by the people.


http://www.wsws.org/articles/2009/aug2009/debt-a28.shtml
http://www.washingtontimes.com/news/2010/mar/26/cbos-2020-vision-debt-will-rise-to-90-of-gdp/?page=all