It BEGINS to turn around the huge entitlement ship even though the Dems hold both Senate and White House...it puts a stake in the heart of the DEM old "OK...you cut, we raise taxes" deals...without that the Dems become fairly impotent in negotiations.
No realistic person should expect that we get the whole enchilada overnight (because this involves winning culture wars which don't get won that quickly).
It depends on how you define tax hikes. Closing tax loopholes and broadening the tax base are euphemisms for tax increases. Reducing spending by 5% annually is no solution nor is it any guarantee since future Congresses will not be bound by it. Let’s see exactly how the $2 trillion over 10 years will be realized. Remember when the promised $100 billion cut became $37 billion that turned out to be $352 million?
Really? With inflation figured in, that's less than $200 Billion per year. I don't think it significant at all, when compared with the extremely large expenditures this administration and Congress have imposed - there have been increases for brand new initiatives that amount to much more than that on an annual basis.
So will the $2 T reduction be an actual reduction, or will it be a reduction in the planned increases, thus maybe amounting to no reduction at all?