The size of the nation's debt has important implications for children and families and for programs that serve them. Even so, children received relatively little attention during the recently concluded presidential campaign. This fall, Child Trends devoted its 2012 Kristin Anderson Moore Lecture to the implications of the debt for children to identify common ground so that deficit reduction could not harm but benefit children. This brief summarizes remarks made at the Lecture, including opening remarks by Kristin Moore and key points made by a panel of three experts: Mindy R. Levit of the Congressional Research Service; Eugene Steuerle, Institute Fellow and Richard B. Fisher chair at the Urban Institute; and Patrick McCarthy, president of the Annie E. Casey Foundation. Among the central conclusions of the panelists are: (1) Recent budgets have led to an "incredible shrinking budget for children and working families," despite rhetoric acknowledging that children are crucial to the nation's future; (2) While decision makers may be gridlocked, budget experts agree on many of the fundamental changes needed to reduce the deficit on a long-term basis; (3) Children--and programs that help children--stand to be among the greatest beneficiaries of long-term deficit reduction; and (4) Many evidence-based programs and approaches are being developed that are effective for children and a good investment for the nation. (Contains 1 figure and 4 footnotes.)