Dan Glickman and Frank Keating, both part of the fantastic Bipartisan Policy Center, penned an op-ed in The Hill a few days back that makes some good points on the deficit.
There are no easy answers.
Stabilizing the debt simply by cutting domestic discretionary programs would require eliminating nearly all such spending: veterans’ healthcare, homeland security and law enforcement, education and student aid, roads and bridges, food and drug inspection, and so on.
Taxes are also not a simple answer. Reducing deficits to manageable levels through tax increases on the most well-to-do Americans would require raising the top two tax rates to 86 percent and 91 percent (from the current 33 and 35 percent).
Fixing our fiscal issues will require shared sacrifice by all but lower income earners, and the longer we wait to put together a solution, the harder it will be to solve, and any bill that is all – or mostly – just made up of ideas from one side or the other will just be cut down when the other side gets enough power to do so later, so it needs to be genuinely and substantially bipartisan.