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U.S. will borrow $1 of every $3 its spends this year

Chew on this fact from today's Wall Street Journal and its columnist Gerald Seib:

The U.S. government this year will borrow one of every three dollars it spends, with many of those funds coming from foreign countries. That weakens America’s standing and its freedom to act; strengthens China and other world powers including cash-rich oil producers; puts long-term defense spending at risk; undermines the power of the American system as a model for developing countries; and reduces the aura of power that has been a great intangible asset for presidents for more than a century.

That's really scary.  What can be done?

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