“As I have stated previously, we need a long term plan on how to reduce our deficits and institute fiscal responsibility.”
As I have stated, we don’t have a long term before our debt buyers flee and we have to cut a deal with whoever holds our bonds at that point.
We need a long term plan, including some confidence building measures that demonstrate commitment to the plan whether it is a Constitutional amendment, law, etc. Broadening the tax base, requiring a cap on the federal budget linked to GDP, and other such measures will help keep our debt buyers from fleeing. The UK has taken some very tough measures for that reason. Continuing to spend with trillion dollar deficits every year will destroy any confidence in holding our debt.
Congress needs to start the process of cutting now, but there is no way we can balance the budget anytime soon. That is just the reality. We need a glide path to fiscal responsibility, not a nosedive.