Federal Reserve Bank Of St. Louis Report: Debt Problem Began Four Decades Ago

Increasing government spending, not too few taxes, are driving the debt.

[A]fter 1970, both revenues and expenditures increased on average relative to the previous two decades; however, revenue increased marginally while expenditures increased significantly... on average, the government spent 2.4 percent of GDP more than it received in revenue during the 38-year period. ... 

The long-run perspective offered here shows that there is a deeper and more fundamental issue that must be addressed if the problem is to be resolved solely or primarily by raising taxes. Specifically, the analysis shows that the deficit/debt problem began when the government decided to increase spending significantly without increasing taxes. 

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