Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance...Unless we demonstrate a strong commitment to fiscal sustainability, we will have neither financial stability nor healthy economic growth.

The Obama administration projects total U.S. debt to increase by $1.8 trillion in 2009, with more to come in 2010. Funding of large deficits, approximating 12% of GDP for several years, poses a...