Not enough. Not even close.
The federal revenue is $2.425 Trillion.
The 2011 budget was to be $3.841 Trillion.
( http://www.fms.treas.gov/mts/mts1110.pdf , table 4)
So the need is to cut the budget by (1 – 2.425 / 3.841 ) x 100% = 36.8%
We can’t cut servicing the debt which is $464.7 Billion. That means the rest of the budget has to be cut by 49.0%.
If interest rates go up (by 2 or 3 times). We almost can’t balance the budget at all without dropping our defense commitments around the world. We are in the range of Greece.
I’m not worried that Liberals don’t understand how much needs to be cut. I am worried that Conservatives don’t know.
Innumeracy is rampant everywhere. I get the feeling we are seriously screwed with no good options left.