Will the US government have to print devaluing dollars to pay its expenses?

‘The US has turned into a ‘must borrow maniac.’  Listen to this paragraph from Barrons’ Tom Donlan: ‘This is a country that is $16.7 trillion in debt.  It must borrow about $700 billion in the next 12 months to keep doing what it did last year.  It must borrow more than $5 trillion in the next ten years.  It must borrow more than $14 trillion over the next twenty-five years.  None of these projections consider inflation or the possibility of higher interest rates, or slower GDP growth, or longer life expectancies, or new spending programs.’

Russell’s response — I can’t imagine how we are going to get through all of this and come out whole.  For one thing, the US will have to cut back drastically on its military and on its far-flung military empire.  Throughout history, the strongest nation militarily has been the nation who owns the world’s reserve currency.  Therefore, it seems logical that some time in the future the US dollar will cease to be the world’s reserve currency.  If that happens, the US will slip into a secondary role in the eyes of the world.  Furthermore, in view of the fantastic amounts the US will have to borrow, our creditors will undoubtedly demand higher interest rates if they are even willing to lend us money.”