Online Simulation - Stabilize the U.S. Debt: An Online Exercise in Hard Choices Archives

Online Simulation - Stabilize the U.S. Debt: An Online Exercise in Hard Choices

It’s no secret that America’s finances are a mess. So, what can be done about it? The problem has been mounting for a long time and it cannot be fixed overnight, but we need to start addressing it now.
The debt of the United States is rising to unprecedented -- and unsustainable -- levels. According to the Peterson-Pew Commission on Budget Reform, under reasonable assumptions, the public debt of the U.S. is projected to grow to 85% of GDP by 2018, 100% by 2022, and 200% in 2038. No country can support debt at these levels without huge costs to its standard of living at a minimum and most likely a severe crisis.

Drastic action now would threaten the already fragile economic recovery. But failing to convince markets and creditors that the U.S. is serious about reducing its debt in the longer term would cause interest rates to rise dramatically and likely trigger a fiscal crisis.

We need to establish a fiscal goal and commit as a nation to achieving it. The Peterson-Pew Commission recommends a goal of stabilizing the debt at 60% of GDP by 2018 in the report, Red Ink Rising. We must set an ambitious, yet attainable, goal that Americans can support. See more about the reasoning behind this goal on the FAQ page.

This simulation was designed to illustrate the tough budget choices that will have to be made and to promote a public dialogue on how we can set a sustainable fiscal course. How do your choices stack up? Good luck.

Online Simulation: Stabilize the U.S. Debt at 60% of GDP by 2018

Also see

The Federal Budget Process

The Federal Budget Process:
A description of the federal and congressional budget processes, including timelines

Compiled by TheCapitol.Net
Authors: Sandy Streeter, James Saturno, Bill Heniff Jr., and Robert Keith

Budgeting for the federal government is an enormously complex process. It entails dozens of subprocesses, countless rules and procedures, the efforts of tens of thousands of staff persons in the executive and legislative branches, and the active participation of the President, congressional leaders, Members of Congress, and members of the executive branch. This analysis shows the various elements of the federal budget process including the President's budget submission, framework, timetable, the budget resolution, reconciliation, the "Byrd Rule," appropriations, and budget execution.

2009, 319 pages
ISBN: 1587331519 ISBN 13: 978-1-58733-151-0
Softcover book: $19.95

For more information, see FederalBudgetProcess.com

98-721, 98721, RS20175, RS20152, RS20095, 98-472, 98472, 98-815, 98815, RL30862, 97-684, 97684, RL34424, R41097

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