March 28, 2012
Deficit Reduction Budget Proposals
(Chart from the WSJ March 28, 2012)
The House plans for deficit reduction make more sense than TeamObama's proposal, which is more a political creation than a fiscally responsible budget. Of course, all budgets in an election year are political, but the U.S. must reduce reliance on debt to fund programs and operations. The present course puts us in "Greek mode.'
Cuts are essential, but a revenue increase via a bold revision of the tax code and entitlements reform are necessary to change Congressional spending habits and expectations of Americans. I favor the House GOP Plan.