As long as we have the nukes, it'll be ok.
On a serious note, the Republicans basically, financed the past 4 years growth, tax cuts for the wealthy, and the Iraq war using trillions of borrowed funds.
Bush was all about less taxes and smaller government. What he didn't mention was a smaller government spending more money than ever seen in the history of the country in such a short period of time. He opened the spending throttle full blast basically.
That's the reality.
Because of the immense wealth of the US, it'll be ok, but this is not the best way to manage the country's finances in my opinion and many others clearly.