Is the US at a financial crisis?

This blog posting is typical of those appearing on the web today, after a financial report was released yesterday.

Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation’s total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000....Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance.

I'd like to hear from a real economist or at least money guy on this. Is this the iceberg that people have been predicting for government expenditures, or is this something else? Do we need another Ross Perot to wake us up to the horrors of deficit spending?