Congress is considering the Biden‐McCarthy debt‐reduction deal. The Fiscal Responsibility Act of 2023 would reduce deficits by $1.5 trillion over the coming decade.

The reduction would be a start at righting the federal government’s fiscal ship, but just a small start.

The $1.5 trillion in savings would take a very modest bite out of the $20 trillion in cumulative deficits and $80 trillion in cumulative spending expected over the coming decade.

Once Congress gets this budget battle behind it, it can move on to larger reforms.