It's WAY more complicated than that. If they don't CUT the military AND the entitlement programs by a minimum of 35% in 2013 and every year moving forward, this debt and printing bubble pops, and then we are left with probably the dire apocalyptic predictions most people laugh off right now.
IMO, they WON'T cut. They will PRINT and TAX and SPEND more than every before, and when this thing collapses, it will be worse than anything this country has ever witnessed. Rome fell, and so will America on this path.