This AY2010 USAWC student research paper explores the impact of ongoing deficit spending in terms of future defense budgets, investor confidence and interest rates, the economic impact of competition for financing, implications for international influence and potential financial leverage of creditors, and our ethical responsibility to future generations. The views expressed in the document are those of the author and do not necessarily reflect the official policy or position of the U.S. Army War College, the U.S. Department of the Army, the U.S. Department of Defense, or the U.S. Government.