No. We ultimately must balance the budget and pay back the debt. To do so, the federal government must collect MORE in taxes than the Congress spends. The Congress could trim their spending appetite $1.6 trillion AND NOT pass any tax cuts while spurning their propensity to spend to excess BUT still run a one hundred sixty-six billion seven hundred fifty-five million four hundred ninety five thousand dollar deficit (>$166 billion).
So Congress should trim $1766 billion in annual spending while NOT cutting taxes (making tax law applicable for 2010 permanent with revenue-neutral reforms to the tax code, preferably simplifying toward a flat tax). Alternatively, the Congress could raise taxes $800 billion per year and cut spending $966 billion per year.
In this situation, for some bizarre reason, no one in the Congress seems willing to consider seriously any considerable spending cuts. Given the
Then the ONLY solution is to spend less and CUT taxes. Attempting to collect more through higher tax rates results in LESS revenue. Cutting tax rates on this side of the bell curve results in MORE revenue.