So I have been listening to the news lately and I have to say that I don't agree with EITHER party. The hole discussion is should we reduce spending OR raise taxes. Currently government spends 22% of GDP and only taxes 17% of GDP. I definitely think we could reduce spending significantly but could we really reduce spending by 5% of GDP? That is 750 Billion Dollars. I seriously doubt it without a major overhaul of the entire system which isn't going to happen. So I think my solution is the most sensible.
Increase Taxes and pass a law that states any increase of taxes will go directly to reduce the deficit and budget deficiency. Also pass the law that unless the the congress and senate give the president a balanced budget to work from that they will all be unable to run for re-election the following election cycle.