GOP says they will raise revenue by $800 billion over 10 years. Big freakin' deal. The deficit is $1,400 billion per year. This won't close even 10% of the gap. And Obama and the Democrats' proposal won't be much better when details are announced.
We need to raise taxes by $400 billion per YEAR. And cut defense by $400 billion (down to $200 billion) per YEAR. And cut other programs (including Medicaid/Medicare/Social Security) by another $400 billion per YEAR to even get close to a balanced budget. We need to run surpluses of around $200 billion per year for a couple of decades to get the government debt down to a reasonable portion of GDP.
When your computer goes bonkers, what do you do? You restore to an earlier point in time where it still worked! The RCA principal of engineering: keep removing one part from your new invention/TV until it stops working, then add the last part back on. Simple. When did the USA economy last work? During Clinton years. Solution: go back to the tax rates, all of them, that he imposed early in his presidency, then reduce all spending to the same percentage of GDP as under his (two years on welfare and your off) budget. The reason no one does this is that most of political donations come in during a budget/tax fight and it take millions to run for office. Sad.
Here is a fact for you socialists that just view increased tax revenue as a vote getting winner by telling the 98% of Americans they will get a break while we liberals will get the revenue from the upper 2% of tax payers. Here's the fact. Cutting out the loopholes, many of them anyway, will raise far, far more revenue then increasing the taxes on those 2%, and having the poor, and the middle class foot the tax increase in many instances. Obama and the left can win over voters from you retards, but can't do what is needed where the rubber meets the road. Obama sees the tax increase as a winner, and the loopholes closing that the GOP wants as a loser.
Here is a set of facts for you reality-challenged Faux News viewing Teabaggers....
1. Getting rid of loopholes will never include the loopholes of the hundred-millionaires (like Mitt) and billionaires (like Adelson and Koch bros.).
2. We need to get rid of all the Bush tax breaks, even on the lower 98%. Because raising taxes, even double what the GOP proposes, say $160 billion / year, on the backs of the top 2% won't solve but 10% of the deficit problem.
3. Despite what you're being told by your Faux News Svengali's, raising taxes and cutting spending not an either-or proposition.
Faux News is crippling the minds of 25% of America. Just say no to Faux News.