Federal trust funds forecasted to add $.9 trillion in debt by 2020

The following table published by the Congressional Budget Office illustrates the problem the federal government faces with spending. There's little doubt something will have to be done and at the moment what some might call two fiscally neolithic options have been laid out spending cuts and taxes. 

Federal Trust Fund Forecast 2009-2020 (In Billions of dollars)
Source: Congressional Budget Office

Solutions in the President's Budget for Fiscal Year 2012 elaborate on these two principles and include eliminating earmarks, disciplined defense spending, corporate tax reform and lowering health care costs. All easier said than done. The following chart published by the Congressional Budget Office illustrates cost associated with Social Security, and Medicare.

The budget also proposes 'freezing' non-security discretionary spending for 5 years, freezing federal civilian worker pay for 2 years, cuts to the Pell Grant program, cuts to teacher quality block grants, 13 discretionary education programs and 'consolidating' 38 K-12 programs to 11.