One thing that people would like to see is the elimination of the deficit. And, with the election season nearing, it will become a hot issue for debate. The current administration has greatly added to the problem by thinking they could spend their way out of debt. But, everyone knows that when more goes out than comes in, you have a problem. One of the first things that should be done in eliminating the deficit is stopping the curent spending.
This is echoed with the release of new numbers from the Congressional Budget Office (CBO). Cato’s Daniel J. Mitchell points this out in the following graph.
Politicians lead you to think that balancing the budget is such a difficult task, and that the only way to do this is to raise taxes. But, with the research based on the new CBO numbers, with the current tax rates and making the Bush-era tax cuts permanent, it is easy to see that they are fooling you. Keeping the current revenue and putting a real freeze on spending, you can see that the deficit would be cleared by 2017.
Here is a video of Daniel Mitchell providing more details.