We cannot tax cut our way to prosperity any more than we can tax and spend our way into fiscal nirvana. It requires a balanced approach of sensible spending cuts, substantive entitlement reforms and negotiated tax increases.
When the budget crisis fanatics say we have no money because government has a "structural deficit," it's just not true. We have a bigger deficit now because we let a bunch of Wall Street gamblers play fast and loose with the rules.
In just two hours, about half of the diverse table groups that took part in the America Speaks National Town Meeting were able to find enough common ground to reduce the deficit in 2025 by $1.2 trillion.