Well, again no way to predict the future. Some questions to ask, how secure is your job? Can your spouse pick up more income should something happen, to pay the mortgage? Are you planning on staying in that area, during employment, and retirement? Does that house fit both times of your life? How old are you? When are you planning on retiring? Does buying the house impact your retirement or anticipated jobs?
Personally paying 10% of your income on housing, doesn't seem too bad. But if you want to be debt free now, then it IS too much. Only you can make that call.
I do feel that the US economy is not going to get appreciably better. But it doesn't mean that your particular situation won't be the same or better. Depends on what sector you are in.
My job is relatively secure in that I am a partner at a large law firm. However, partners can and are de-equitized if their value to the firm declines. My income is so large that it would be hard for me to find anything comparable in this city, even if my wife and I were both to work, if I were to lose my job. Now that you raise it, I think that might be the source of my stress and I should probably just buckle down, pay off the house, and live my life stress-free.