The fiscal cliff agreement has a few benefits and many flaws. One trait it does not suffer, however, is “balance”: The agreement allowed for large tax hikes with no spending reductions. Indeed, the measure yields a small but real net spending increase. Today’s trillion-dollar deficits and rising debt are the product of excessive spending. Until Congress and the President take substantial steps toward reining in spending, especially in the government’s entitlement programs, debt will be a constant drain on the country’s prosperity. Having squandered this opportunity, lawmakers need to focus on substantive spending reductions in forthcoming budget debates.