Thanks to Obama's runaway spending, the U.S. is headed for a European-style debt crisis as early as 2015, according to new academic research by Arnold King of George Mason University.

From a recent post by King:

Leading authorities in the United States, including the Congressional Budget Office, use the term unsustainable to describe the long-term fiscal outlook. By the year 2080, spending on entitlements alone could exceed total federal tax revenues. In the very long run (meaning from the year 2035 through 2080), the problem is primarily one of excess costs in health care, meaning the tendency for health spending to grow faster than the rest of GDP. However, in the medium run, meaning from 2010 through 2035, the aging of the U.S. population is the dominant factor.

Guessing the Trigger Point for a U.S. Debt Crisis | Mercatus