How the U.S. Government Should Stabilize and Reduce National Debt

At a recent event, Bill Frenzel discussed the issues before the new Joint Select Committee on Deficit Reduction, arguing that the members should craft an agreement with built-in triggers to reduce the debt, which would provide the economy with much needed stability.

He also stated that each party is going to have to sacrifice to create a viable deal, with the Democrats needing to cut entitlements and the Republicans needing to include new revenue, and said that the trigger mechanism included in the debt ceiling bill will provide the necessary encouragement for the committee to hit the reduction goals.