The newly formed Joint Select Committee on Deficit Reduction holds its first meeting this week. The 12-member panel will gather at 10:30 a.m. Thursday for an organizational session, then meet again on Sept. 13 at 10:30 a.m. for a hearing on “The History and Drivers of Our Nation’s Debt and Its Threats.”
The committee is chaired by Sen. Patty Murray (D-WA) and Rep. Jeb Hensarling (R-TX) and tasked with the goal of finding $1.5 trillion in savings to reduce the federal deficit. It’s not an easy goal, made even more challenging by the bleak future facing America.
The problem is Washington’s addiction to spending. For far too long both Republicans and Democrats have expanded government a pace that now threatens prosperity. Future generations of taxpayers are now on the hook for increasing levels of debt. The amount of debt per citizen will soon skyrocket.
This week’s chart is courtesy of Heritage’s 2011 Budget Chart Book, featuring charts on federal spending, revenue, debt and deficits, and entitlement programs.