How Far Until Bankruptcy?

Today it was announced that the projected federal deficit for fiscal year 2009 has been upped to $1.8 trillion. To provide some context:

• That is four times the size of last fiscal year's whopping record deficit.
• That is 12.8% of the nation's GDP.
• In proportion to revenue, it would be the equivalent of a person earning $1000 per week spending about $1500 per week. How long could you keep that going...especially if you are already in debt up to your eyeballs?
• Last week the Obama administration announced plans to cut $17 billion from 100 programs. An annual deficit of $1.8 trillion would eat through this in a little more than three days.
  

And for the ten fiscal years following (2010-2019), it is projected that the annual deficit will never run below $500 billion, and will total an insane $7.1 trillion. And these figures are from the Office of Management and Budget (OMB), an arm of the Obama administration! The Congressional Budget Office and some private forecasters have predictions yet more grim.

At this rate, how long must it be until our country's economy begins its inevitable spiral into bankruptcy?