$1.6 trillion is a lot of money. Over a 10-year period, though, at present spending levels, it's a drop in the bucket, and it won't come close to letting us "pay our bills." It's about the amount of deficit in any one year, at present levels. So, just to balance the upcoming budgets, not even to speak of reducing outstanding debt, another $8.4 trillion have to come from somewhere. That could be even more tax increases (probably Obama's preference). It could be spending cuts (rejected by Obama in the name of preserving "investments". But tax increases will slow the economy and wind up reducing revenues.