We’re Almost Done With Deficit Reduction!

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The Center on Budget and Policy Priorities has taken a look at projected future deficits and concludes that we need an additional $1.4 trillion in savings in order to stabilize the debt/GDP ratio at 73 percent by 2022. The chart on the right tells the story.

What’s really so striking about this is what they say after diving a little further into the numbers. If we split this equally between spending cuts and tax increases, we need about $600 billion of each. (The rest comes from interest savings.) That’s $60 billion per year. Or, if we did things rationally, it would come to zero dollars this year, increasing to perhaps $100 billion in 2022. For all the hue and cry from both sides, this is really not a huge amount of money. And if we did it, it would amount to total deficit reduction of nearly $4 trillion over the past couple of years.

This isn’t necessarily what I’d do if I were your benevolent overlord. But it’s hardly the end of the world as a baseline plan for now. After all, we can always change it in a few years if we don’t like how things are turning out.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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