It's time for fiscal responsibility.
The White House should advance legislation in Congress that would mandate a balanced federal budget each year, ensuring that:
-the government spends an amount equal to or lesser than the amount it rakes from taxpayers
-the national debt is slowly reduced to a manageable level of 50% of GDP by 2035 (it is currently ~100% of GDP, or $14.7 trillion)
The bill will ensure that our markets will never again fear the potential instability and uncertainty of a US debt default. The fear of sovereign defaults in Europe and of a steadily rising US debt-to-GDP ratio is a factor that is strongly contributing to the uncertainty of global markets, and is preventing a global economic rebound.