The United States’ federal debt has nearly doubled under the last two presidents. It now equals America’s gross domestic product, and the Congressional Budget Office projects that it will reach as much as 138 percent of US GDP in the next decade. America spends more on annual debt service than national defense, and debt service obligations threaten to impose stringent limits on all other discretionary spending. Neither presidential campaign has offered a convincing program to mitigate this spiraling crisis.

Former Senator Phil Gramm has been a leader in creative thinking and legislating about budgetary restraint over his 45-year public career in government and as an economist. Join Senator Gramm for a discussion at Hudson Institute on the importance and future of budgetary politics with Senior Fellow Thomas Duesterberg. Hudson President and CEO John Walters will deliver introductory remarks.