According to budget projections produced by the Congressional Budget Office in August 2010, the Federal government will accumulate over $7 trillion in new debt between 2010 and 2019 if it stays on its present course. Experts say this fiscal imbalance poses a severe risk to the country if allowed to continue. What options exist?
As the new fiscal year starts, cost-cutting is taking the driver’s seat in the federal government. This started in state and local governments two years ago, and in recent weeks, it has sweep Washington like a summer thunderstorm.
The federal government faces an estimated annual structural budget deficit of $500 billion –700 billion. Deficits of this magnitude represent a major threat to the economic health of the nation. A plan to reduce and eliminate this structural deficit is urgently needed.
I propose implementing a series of new approaches to cut costs in a more meaningful way – ones that will improve the overall value provided by departments to citizens, state and local governments, businesses, etc.