What would it take to balance the budget. Well at this point in time it would take 5.6 Trillion dollars to reduce the debt to a level that our government could live on what it is taking in. Who or what are they going to take that 5.6 Trillion dollars from? If they do it all from spending cuts something or somebody is going to be hurting. It seems to me to have hope of working additional taxes have to be raised. That does not mean we have to raise taxes. How can you do that? Well all the business's and individuals who get unfair tax breaks need to start paying their fare share. That would not increase the burden on those now paying the bills. It would simply make the tax dodgers and cheats pay their fare share. Many tax breaks for the wealthy need to be totally eliminated.(i.e. Corporate Jet Exemptions) One way would be to let the Bush Tax Cuts expire and charge those who benefitted an extra 10% on their taxes till they have payed up all they owe in back taxes.
The Republi-can'ts would scream that, that is unfair. Well during the Bush Administration they doubled the National Debt and never appropriated a penny to pay for it. So actually it would be totally fair to make them pay. Why should it be done with spending cuts. The only way I will go along with that is if they eliminate all the positions and programs they created to make that debt. Since most of it was spent on war debt, they need to tax all the contractors who supplied the jets, bombs, and other systems of destruction.
Also a few priorities need to be established. Active duty payroll is the first debt to be paid in event if of a government default. Second is military retirement and disability pensions. Third is Social Security as it was paid for by the people receiving it and their employers. It is their money. Everything else can be paid in any order they see fit. Well with one exception. Congressional Salaries should be the last payment made.
Just paying the daily interest on the National Debt takes over 1.2 Billion dollars per day. Just to put that in perspective. You could buy 26,666 Linclon Continentals that cost $45,000 each for one days interest.or you could get just over thirteen Peyton Mannings for that sum. One days interest could fix all the highways in some of the smaller states. It could create 30,000 jobs that paid $40,000 a year. It is a huge waste. One years interest could create ten million nine hundred and fifty thousand jobs. Two years interest could create jobs for all the unemployed in America with plenty left over to send kids to college or feed the poor. Sorry about the ranting, However if they do not pass the debt ceiling bill you can easily double that interest payment over night. Not only Congress, but most of the American people do not get it. Congratulations if you do.