The Congressional Budget Office has released its new budget outlook, and there is some good news about the recent decline in the deficit. However, the long‐​term fiscal outlook remains grim. Senator Johnson is leading efforts to focus Washington’s attention on the debt crisis that will occur in coming years without major spending reforms. He advocates using 30‐​year projections to judge proposed fiscal policy changes, and he will illustrate his findings in a PowerPoint presentation. Chris Edwards will discuss why the fiscal outlook is worse than shown in official projections and how an unreformed budget will sap growth and undermine future living standards.