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Milford, IL | US federal expenditures = 7T. Revenue = 5.25T.
If we killed Medicare and took Defense spending to $0 that would roughly get the US back to a balanced budget. Not making any headway on the 39T in currently outstanding debt - just flat.
Or to put it another way - cut every single line item by 25% - for a balanced budget.
I guess I'd favor the 25% cut across the board but OH MAN would there be weeping and gnashing of teeth. How would you propose to fix it? | |
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The last treasury auction had higher returns.