Looking at a list of countries tax revenues vs expenditures we see the USA has a 13% gap. So cutting spending by 13% would bring it into balance. However it seems every country spends more than it takes in? Even Singapore spends 3% more than income. Obviously this is not the whole picture. What is clear is the US has to close that gap. The question is will it. I predict no. The Republicans are so far out of touch with reality they may actually believe their own nonsense, or maybe they are Fight Club fans. It is the biggest game of political chicken ever played. If Obama thinks he will own the outcome he loses, if the Republicans own the outcome he still loses, if he concedes he loses. I see a trend here.
Steve, everyone, including sentient Republicans, knows America's debt crisis will not be resolved without major cuts in military funding and increased (i.e. fair) taxation for the rich. I sense that they're all getting nervous about how much longer they can safely keep raping the blue and white collar taxpayers.
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