Today, taxpayers owe a national debt of more than $33 trillion. The annual deficit will exceed $2 trillion over the next 10 years, at which time the debt will be an estimated $46 trillion. The current debt-to-GDP ratio is 120.7%, which exceeds the largest level ever reached in peacetime and is equal only to the level of indebtedness during World War II.
Citizens Against Government Waste, or CAGW, has long supported a balanced budget. The House Budget Committee's resolution makes positive strides in that direction. The size and scope of the proposed spending caps provide Congress with an opportunity to cut many programs that belong in the wastebasket, especially those CAGW has identified in its
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