Bankrupting? That's way exaggerated. Government spending (federal, state and local) is about 40% of the economy. All of our spending in the Middle East and Afghanistan combined* is $75b a year, or about 0.375% of the $20T economy. It won't come close to bankrupting us. We spent the equivalent of 200% of the economy over 4 years of WWII and we came out just fine.
Liberals scream** about defense expenditures all the time, and I used to believe them. Then I looked at the numbers and realized that they're full of crap. Note that when Eisenhower talked about the military industrial complex, we were spending 10% of economic output on defense. We're now spending 4.5%.
* Page 16 shows a line-by-line itemization.
** To a liberal, every dollar of the economy not spent on the welfare state or hiking civil service salaries is a dollar wasted.