Concerns about the growing U.S. federal debt have become more prominent in recent months, with a recent Economist/YouGov poll indicating that 71 percent of 1,512 respondents are worried about the size of the budget deficit. Business leaders have also voiced concerns over the potential consequences of rising national debt.
Despite these concerns, Congress has continued to pass legislation that increases borrowing. The One Big Beautiful Bill Act (OBBBA) is expected to add $4.1 trillion to federal borrowing through 2034, according to estimates from the Congressional Budget Office.
Efforts to promote fiscal responsibility, such as the creation of the Department of Government Efficiency (DOGE), have not produced significant results. Instead, DOGE faced controversies and legal setbacks and failed to deliver on promises for substantial spending cuts.
The article points out that cutting small programs may attract attention but does little to address underlying budget issues or improve government operations. It suggests that comprehensive reform is needed, citing examples from Canada and New Zealand where broad restructuring led to reduced debt and economic growth.
Argentina’s current fiscal restructuring is presented as another example. After implementing spending cuts in response to an economic crisis, Argentina’s GDP grew by 5.8 percent in the first quarter of 2025 compared to the previous year.
Numerous solutions for reducing U.S. debt exist, including regular compilations of budget options published by the Congressional Budget Office and interactive tools like those provided by the Committee for a Responsible Federal Budget (https://www.crfb.org/debtfixer). In 2024, seven major think tanks participated in a Solutions Initiative organized by the Peter G. Peterson Foundation (https://www.pgpf.org/solutions-initiative-2024), each recommending large-scale spending reforms regardless of political ideology.
The main challenge identified is not a lack of ideas but insufficient political will among lawmakers who prioritize short-term gains over long-term stability.
“Rather than seeing fiscal reform as a sacrifice, policymakers should see it as a moment to lead. When done right, spending cuts are about doing better, not less. Reforming programs that no longer deliver, consolidating duplicative efforts, and rethinking outdated bureaucracies doesn’t weaken the government, it sharpens it. Smart reform means doing more with what we already have, building a more accountable and responsive government that works better for everyone.”
The article concludes that waiting until a full-blown crisis occurs could limit available choices and result in harsher consequences for Americans. It calls on policymakers to treat spending reform as an opportunity rather than a threat: “By treating spending cuts as a strategic opportunity rather than a threat, the United States can redesign the public sector to be leaner, more resilient, and more responsible. Spending reform isn’t just possible, it’s powerful. And it’s time for leaders to embrace it.”
