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Can anyone slow America's skyrocketing national debt?

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    John Roberts reports from Washington, D.C.

  • Duration 2:29
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A little closer now at the debt and the deficit and spending senior national correspondent John Roberts has -- report and one of the big issues in the fall election.

A prayer retire our debt.

Is sweeping across Iowa.

And across the nation and and -- -- Regardless of whose political spin you believe America's -- he's spinning out of control now nearly sixteen trillion dollars.

Projected to top 22 trillion in the next ten years.

Everybody in this country is now aware that our deficits and debt are unsustainable.

We are about to elect the leader who was going to make the toughest decisions of how to get us out of this hole.

But do either of the candidates have a viable plan to do that.

If you look at governor Romney's plan.

What he has is a lot of specifics on the fun parts bringing tax rates down for instance.

But not enough specifics on hard parts President Obama who has had multiple times to put out -- complete blueprint for.

How he -- -- control but that he still hasn't gone far enough.

Romney's plan would immediately cut non defense discretionary spending by 5%.

Then with his own version of the Ryan budget keep it below 20% of GDP.

In the long term Romney is banking on new tax cuts in less regulation to grow the economy.

President Obama would preserve tax cuts for middle and lower income Americans but increase taxes on the wealthy to raise revenues.

He also wants to cut entitlement spending by nearly 600 billion over ten years but the plan would still -- more than six trillion dollars to the death.

Spending taxing in the regulation that we've seen over the last few years have not -- spur the economy has this president told us it would it's.

A much more balanced approach and then the -- production but the Romney budget does is it doubles down.

On tax breaks for very wealthy people.

That will grow the deficit.

So whose plan is better to address ballooning debt that will soon double the size of the US economy.

According to budget expert -- Maginnis at the moment it's impossible to tell.

It really would.

Would be necessary for the voters to CD detailed plans for how they plan to leave the country out of this and I think.

Before we elect someone we should all on a command of them show us your -- -- -- detailed plan of how you're gonna fix the deficit and debt.

And to drive that point home in just the time it took to tell this report the US is borrowed another four point five million dollars.

In Washington John Roberts Fox News.

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