The year 2020 was momentous and historic for many reasons. The world has faced and is still working to emerge from the global COVID-19 pandemic. The United States has transitioned to a new administration at a point when public opinion is more polarized than ever. The U.S. Congress and the new administration will have difficult economic policy decisions to make, which will necessarily require tradeoffs. This CPF transition policy brief focuses on U.S. deficits and debt. We highlight the unsustainability of the current debt trajectory and key policy levers that both Democrats and Republicans might use to stabilize the U.S. fiscal situation. Finally, we propose three main dimensions on which fiscal policy proposals should be evaluated to ensure transparency, fairness, and sustainability.