In this edition of "Hot Seat", Scott Mitchell and Ben Tomchik discuss the future of Social Security, including warnings that the program could face insolvency within seven years if no action is taken.

Debt and Deficit Outlook

Ben Tomchik with the Committee for a Responsible Federal Budget said the nation’s debt-to-GDP ratio is now about 100% and projected to rise to 120% within the next decade. The federal deficit, currently at $1.7 trillion annually, could grow to $2.6 trillion in the same period.

“The situation we’re facing right now is bad,” Tomchik said. “Right now, interest is the fastest growing part of the federal budget, and we spend more money on interest than we do on defense.”

Tomchik said interest costs are expected to hit $1 trillion soon, further straining the federal bud

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