Budget Talks Eye $1 Trillion in Cuts

Wall Street Journal
“By JANET HOOK And COREY BOLES WASHINGTON—White House and congressional officials said Tuesday that they were moving closer to a budget deal that would make a “down payment” of more than $1 trillion in cuts to federal deficits over the next decade. …”

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2 Responses to Budget Talks Eye $1 Trillion in Cuts

  1. Administrator says:

    As you already know, $1 trillion dollars over a period of 10 years is $100 billion per year, which turns out to be $282.3 billion less than what we’ve spent in Iraq and Afghanistan over the past 10 years (See Table 1. Estimated War Funding by Operation – cumulative Enacted as of 3-18-11, by Congressional Research Service, dated March 29, 2011) http://www.fas.org/sgp/crs/natsec/RL33110.pdf

    Remember when G.W. Bush fired Lawrence Summers for estimating the war in Iraq would cost $100 billion total? Wouldn’t it be great if that was the total, instead of just a down payment!

    In answer to your question, none of the proposed $1 trillion is in tax cuts for the rich –the Republicans have made it crystal clear that tax cuts are “off the table”. I’m almost convinced Republicans, in general, flunked basic math 101. Historically when we go to war we increase taxes, considerably, in order to pay for the additional war expenses, but the Republicans did just the opposite, they started two wars and lowered taxes which sent the country spiraling on a downward path.

    These are the same people that are suggesting the deficit is due to Democratic spending – yep, it’s back to math 101 for those folks.

  2. How much is a trillion dollars over ten years?
    It sounds like an incredible sum of money to me.
    How much is a hundred billion dollars for ten years? That still sounds like a lot of money to me. But what I want to know is how much of that
    is eliminating tax-cuts for the rich?

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