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Death to Deficits by "A Thousand Cuts"

Hmmm. Maybe slashing government spending won’t be as easy as some folks believe….

Death to deficits by ‘a thousand cuts’
By Jeanne Sahadi, senior writer
September 21, 2010

NEW YORK (CNNMoney.com) — Every politician running for election to Congress professes to worry deeply about the country’s debt situation, but no one is specific about what he would do, save for rhetoric like “cut spending” or “raise taxes.”

The moderate-progressive think tank Center for American Progress on Tuesday tried to call everyone’s bluff.

In a new report called “A Thousand Cuts,” the group addresses the magnitude of spending cuts that would be required if lawmakers want to get the annual deficit down to the equivalent of 3% of the economy by 2015, a goal that President Obama has set.

That goal can be achieved entirely through spending cuts, through tax revenue increases or some combination of the two. The CAP report offers proposals in which spending cuts account for the whole solution, two-thirds of it, one-half or one-third.

http://money.cnn.com…on=money_latest

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