I was honored to present the Marshall Goldman Lecture at Wellesley College last week. Marshall Goldman has been one of the leading experts on the Russian economy for many years and is a distinguished emeritus member of Wellesley's faculty. I met Marshall more than 20 years ago, and I enjoyed seeing him again and talking with other professors at Wellesley (who include both a former student and a co-author of mine) and with Wellesley students. I spoke about the budgetary challenges facing the United States; you can see the slides from my presentation. The many students who came to the lecture were very interested in budget issues and asked a lot of good and hard questions.