Is the federal budget deficit a problem? If it is, what can be done about it?

The national debt is equal to the total amount that a government borrows in order to pay for their excess spending and also for the interest they need to pay on previous money borrowed. A federal budget deficit is a problem because the money that gets borrowed to pay for the excess spending will need to be repaid at a later time, in addition to the interest accrued. Therefore, the only way to repay a deficit in a year (or multiple years) is by running a budget surplus in other years. This means that budget deficits must be accompanied by decreased spending and/or increased taxation in future periods. Unfortunately, in the United States, there are budget deficits most years. The most likely fix for these deficits are longer-term plans aimed at decreasing spending and/or increases the taxes collected, but in such a way that the economy as a whole can survive these changes.