The deficit as a percentage of GDP. Business Insider, St. Louis Fed One of our two political parties is still saying that the United States faces a "spending crisis" that must be immediately addressed by further cuts to federal spending.

If we do not cut spending, the Republicans say, our debts will spiral out of control and the country will implode.

The good news, for those who don't relish the thought of the country imploding, is that this fear-mongering appears to be seriously overblown.

Our debt and deficit crisis is actually getting better fast.

The deficit itself is now shrinking quickly, and--as evidenced by today's super-low interest rates--the bond market is not worried about our ability to maintain our debt load over the long haul.

The ongoing budget deficit, furthermore, is not just the result of a "spending problem." It's also the result of a "low tax problem," at least relative to most prior history.

Over the long-term, if we don't get our health care and military spending under control, we will face a big deficit problem. But we don't today.

Don't believe it?