Setting the size and scope of the federal budget has long sparked fierce debate between the parties. But this year, the process is more fraught than usual: the President has proposed a $6 trillion budget, Democrats are hoping to pass a $3.5 trillion budget reconciliation bill encompassing a broad swath of legislative priorities, and Republicans adamantly oppose these proposed expenditures.

On top of that, the clock is ticking for legislators to raise the debt ceiling in a matter of days, explains Dr. Lori Esposito Murray, President of the Committee for Economic Development, the public policy center of The Conference Board—and the latest guest on CEO Perspectives. Failure to raise the ceiling would likely prove catastrophic for the US economy.

Hosted by President and CEO Steve Odland, tune into this podcast for a conversation that unpacks the state—and daunting trajectory—of America’s public debt and deficits, and how policymakers can course-correct to get the nation’s fiscal house in order.

• How does the current debt compare to historic levels, and what are the future projections?
• Is there a point at which the debt is too high? What happens then?
• What is the federal process to create a budget, and where are we now?
• What is the difference between debt and deficits?
• What is reconciliation—and how is the process playing out this cycle?
• What steps can policymakers take to cut spending and increase revenue to shrink the rapidly growing debt?