News release: “A new study by the Pew Fiscal Analysis Initiative projects that without significant revenue increases or spending reductions, the federal debt will climb to the unprecedented level of 132 percent of annual gross domestic product (GDP)—or $54 trillion—by 2035. Some policy makers suggest that the solution to this alarming trend is to simply raise taxes without cutting spending, while others argue the opposite. No Silver Bullet: Paths for Reducing the Federal Debt, illustrates the difficulty of solving the nation’s debt problem by relying exclusively on any single approach…As a share of GDP, the federal debt is now three-quarters higher than what it was a decade ago and, in the next 15 years, Pew projects it will reach 95 percent of GDP, the highest level since 1947. Without action, that number will continue to rise to unsustainable levels.”