Hardly bankrupt, but: none of this is going to make a difference without cutting into the big pie of military spending which is pork-barreled to individual constituencies. Or the large amount spent on retirees because they're an important class of voters who have no employment income. Or putting up taxes.
That agrees with me: "Top 10 Spending by Category and Agency" top 3 are social security, defence, medicare. Then there's an explanation that social security is in the "mandatory" category.