Closer to a trillion-and-a-half in current deficit spending.
But, considering that a lot of that comes back to the Feds as personal and corporate income tax and other taxes, the first cut of a trillion-and-a-half will cause a decrease in revenue, leading to further cuts, further decreasing revenue, and so on.
Probably closer to $2 trillion out of the economy.
Roughly $7000 for every man, woman and child in the country.
Figure $25,000 for a family of four.
There is no way out of this that doesn't involve a great deal of unpleasantness; it's beyond the ability of humans to fix without great pain.
In 2007, the Federal Govt took in the largest amount of revenue ever in its history; $2.568 trillion. It spent $2.787 trillion with a deficit of $160 billion, a fairly easy fix to get that budget back in balance. I know what’s transpired since... but the pain is in paying off the $16 trillion.... This year, revenue will be close to it all time high, only off by a few billion but yet we will spend $1.3 trillion more than we take in. Has the economy changed so much that we can’t survive without the Govt over spending by $1.3 trillion? I just don’t get it. There’s got to be more to this story.