There is no way we can get below the current debt ceiling and continue to function as a country. We will continue to run annual deficits for many years to come, including under the Ryan budget. The objective is to change the trajectory of our budget deficits and eventually get to a balanced budget. The debt ceiling will have to be raised in the short term.
Does CBO show the year to year increases in spending so we can see where the additional 1 trillion is being spent. My understanding is while there were some jumps in entitlements; the biggie was discrectionary (stimulus) and that Obama wants to continue spending the equavlent amount of discrectionary stimulus.
The shortfall on the revenue side is 20-50 million under/unemployed workers are not paying taxes what they paid before Obama took office. Rather than cutback to the revenue side collected, Obama wants to keep spending like its 1999 again, (adjusted for inflation).