It’s federal budget time again. Americans should follow this debate between the president and Republicans in Congress closely, because the future economic stability of the country is at stake.

The U.S. has one of the world’s largest economies, but our massive and growing debt continues to threaten our future and that of generations to come.

The national debt, not to be confused with the annual deficit, which is also enormous, is more than $18 trillion. The Congressional Budget Office says “the federal budget deficit for fiscal year 2014 will amount to $506 billion.” It is estimated that the national debt per person is over $56,000 and the national debt per household is over $146,000. This is a nation of more than 316 million people.

The national debt has properly been described by some commentators as a national-security issue. The president has criticized what he has called “austerity.” In looking at the spending that led to the debt, it is hard to find much austerity in the common definition of the word.

“I want to work with Congress to replace mindless austerity with smart investments that strengthen America,” the president said, adding, according to USA Today, “I’m not going to accept a budget that locks in sequestration going forward. It would be bad for our security, and bad for our growth.”

Obama is proposing a $4 trillion budget with more heavy government spending and large tax increases.

The president’s vision of more spending on education, workforce improvement and infrastructure construction are part of his belief for the need to invest in the country’s future. These thoughts apparently resonate with a wide section of the public, and they provide the foundation for ringing campaign speeches.

Since his re-election, the president’s national campaigns as a candidate are over. He should look realistically at the problems facing today’s young people and future generations because the problems are not being addressed.

The president wants to spend $478 billion on projects such as bridges, roads and transit systems. These would be financed by taxes on overseas earnings.

Signaling that neither Democrats or Republicans will get everything they want, Senate Majority Leader Mitch McConnell, R-Ky., called the president’s proposal “another top-down, backward-looking document that caters to powerful political bosses on the Left and never balances — ever.”

If fully adopted, which is unlikely, new taxes in the president’s plan would raise a minimum of $1.5 trillion in new taxes over the next decade, according to The Wall Street Journal.