(Concord Coalition Executive Director) Bixby said paying down the nation's net interest for debt is costing America billions of dollars a year.

"That's what we pay on the debts we have accumulated, just like a consumer pays on their credit card," Bixby said. "(Net interest) is more than we're spending on wars in Iraq and Afghanistan."

Bixby said, essentially, a big deficit means big debt, and the country is on track to pay $200 billion in interest on its debt this year alone. If nothing is done soon, Bixby said, the interest costs could reach $900 billion in the next 10 years.