The real crisis isn’t the accumulated debt or the budgetary deficit, it is the unfunded liabilities that are about to add to the accumulated debt and budgetary deficit. At the end of World War II the deficit and accumulated debt in the United States was worse than it is today, but they were able to lower the debt load by reducing spending (because the war ended) and tax revenues skyrocketed (because the economy boomed from the rest of the world needing to buy manufactured goods from the US due to the destruction in Europe). In contrast, in 2010 the baby-boomers begin to retire which will ensure spending on Social Security, Medicare and Medicaid grows dramatically faster than government revenues and the US economy is built on sand and rapid growth is unlikely.
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