With 4 states joining the compact, endorsements from George Will, Judge Napolitano, Allen West, and Grover Norquist, plus the Center-Right academe now joining the fold, I think it is safe to say we’re on the right track!
Every degradation we see in policy and law is a consequence of the Founder's unfortunate decision to give elected officials a limitless credit card that never is repaid. Nobody can compete with Santa Claus. Not even the best parchment barriers. That's why Thomas Jefferson said in 1798 that amending the constitution to eliminate federal borrowing would single handedly restore it to first principles (yes he was worried even then!).
If we don't limit federal borrowing capacity, we lose. Our country will inevitably go third world or crash or both. None of our achievements will last if we don’t strike the root cause of our problems.
George Mason's New National Debt page is making that abundantly clear!