Congressional Budget Office (CBO) Director Douglas W. Elmendorf testified last week before the President's deficit commission. His testimony makes it clear that our country is facing a major debt crisis in the coming years.

Unless we are prepared to take action now to begin to regain control of spending, future generations of Americans will be faced with unspeakable debt and with very limited resources to pay it.

How many warnings does the Obama Administration need to get before they finally take action to reduce our spending and the deficit? Last week Admiral Mike Mullen warned that our debt is "the biggest threat we have to our national security." Even European leaders at the G-20 summit lectured President Obama about our unsustainable reckless spending.

Now the CBO has added its voice to this chorus. Among the points made by CBO Director Elmendorf:

Rising health costs will put tremendous pressure on the federal budget during the next few decades and beyond

Long-term deficits and the accumulation of debt would have a negative impact on the economy, lowering income growth and eroding investor confidence in the federal government's ability to manage its budget.

American's living standards will begin to deteriorate in 2015.

The CBO can't even compute how an economy can function with such high levels of government borrowing to finance deficits.

The CBO has made it very clear that we must begin now to address the ongoing deficit problems. Failure to act promptly will simply ensure a nightmare for our children and grandchildren. It is time to listen to the real experts and develop plans to bring Washington's explosive spending under control.