I’m afraid we have to cut even more than 25%. Right now we overspend by about 40%. Even when the economy recovers, we can’t plan for the high revenue days of 2000 or 2007 (which is what the CBO assumes). I think we need to cut 20% from the military alone and more than that in other areas.
You nailed it; we overspend by at least 40%! I actually looked on the IRS and treasury web sites where they laid out the total receipts of taxes. It was a few months back, but I remember it was a peak of about $2.6T income for the US treasury from all sources in 2008, I think we are on track for $2.1T this year. But was spent over $3.5T! Unbelievable.