A national nonprofit fundraising foundation has launched a campaign to engage Americans in an effort to address the nation's long-term fiscal challenges.

This week, the Peter G. Peterson Foundation announced the "OweNo" initiative, with help from Senators Kent Conrad of North Dakota and Evn Bayh of Indiana and former New Mexico Senator Pete V. Domenici. The foundation will dedicate $6 million to the first phase of the campaign, which it hopes will build a movement among concerned citizens across political divides.

At the event, "Hugh Jidette" - the focal point of the advertising campaign - was introduced. The name, a play on the phrase "Huge Debt," will be featured in ads as a fictional presidential candidate who sheds light on the federal fiscal challenges the nation is facing.

"The unsustainable outlook for our long-term national debt and deficits threatens our nation's economic health and stands to impact the lives of every American, particularly our nation's most vulnerable citizens," said foundation chairman Peter G. Peterson. "Public focus on our nation's fiscal challenges has never been more intense ... The OweNo campaign aims to bring Americans together into a constructive bipartisan movement for a sensible plan."

According to the foundation, the government projects that the current $13.6 trillion federal debt will double by the 2020s and quadruple by the 2040s.