The Peterson-Pew Commission has released a series of recommendations for reforming the federal budget process as a way to help stabilize the nation’s debt as a share of the economy. The report, Getting Back in the Black, concentrates on three primary areas of improvement: fiscal targets, budgetary triggers, and improved transparency.

Last week, Moody’s Investor Services issued an unsettling warning that the nation’s triple A credit rating could be at risk unless improvements to the nation’s fiscal trajectory are made. The Peterson-Pew Commission recommends that Congress and the White House adopt an ambitious but achievable target that would reduce the public debt.

In light of daunting economic challanges facing the nation, the Peter G. Peterson Foundation, The Pew Charitable Trusts, and the Committee for a Responsible Federal Budget have teamed up to build bipartisan support for a core set of budget reforms. The Commission will convene the nation's leading budget experts to make recommendations on how to best strengthen the federal budget process.