Economists’ research of other nations’ experiences provides insight on the most effective way to deal with unsustainable debt. There is also much to be learned from our own past attempts — successful or not — to meaningfully reform the budget.

This discussion will focus on the following questions:

• Which fundamental spending, tax, and budget process reforms have proven most effective in reducing debt?  
• Is there an ideal combination of budgetary reforms for reducing debt?  
• What about the economy? Can we improve our fiscal situation without making our economic situation even worse?
• How can we avoid repeating our own past failures in addressing unsustainable debt?