Let’s consider each.

First, the end of debt creation is essential.

Every time Congress authorizes more spending than is in the bank, the Treasury has to float debt to make it happen. That is the statutory obligation. What that means is that Congress needs to pass a balanced budget, ideally right away.

That comes down to the commission created by Elon Musk: the Department of Government Efficiency or DOGE. It is not an official department. It works as an outside advisory team. That’s excellent. They will likely push for a “Twitter-style” solution of firing 4 in 5 government workers to reduce costs directly.

That’s a start but it is not enough. There also must be sweeping elimination of agencies, each of which can save tens of billions and possibly a trillion or more in total. That needs to happen immediately. It can happen through executive order or through legislation. One way or another, the spending in excess of revenue has to stop.