So to those who wonder whether the answer to the deficit is lower spending or higher taxes, the answer is YES to both.
spending as a % of GDP is 25.4%, its highest level since 1945. Meanwhile tax receipts are expected to be 14.8% of GDP, their lowest level since 1950.
Its pretty clear that the way we got here is by both spending too much and taxing too little. Both sides have to come down from the barricades and meet in the middle if this is ever going to get solved. I'm not optimistic.