The Center for Economic and Policy Research (CEPR) has posted a Debit Calculator that allows you to see what effect various debt reduction proposals would have on reducing the debt burden the U.S. faces. Want to know what effect allowing the Bush tax cuts to expire, freezing discretionary spending, raising the cap on Social Security, or other proposals would have on the national debt? You can find out by using CEPR’s Debit Calculator. For example the Debt to GDP ratio is now expected to be 85% by 2020. If we allow the Bush tax cuts to expire, that ratio could be cut to 78%. Allow the tax cuts to expire AND increase the cap on Social Security and the ratio drops to 74%.
Visit http://www.cepr.net/calculators/calc_deficit.html to try the calculator out yourself.