Real cuts or cuts in increases?
Real cuts or cuts in increases?
They're cuts in a bloated and increasing baseline. Furthermore, those cuts will never occur, at least not close to the level proposed. The only cuts that will occur quickly are the cuts in receipts. The following graph from the budget's historical tables shows that receipts as a percent of GDP are projected to hit the lowest level since 1959, except for the recessions following the tech crash and financial crisis:
For the numbers and sources, see http://www.econdataus.com/def19.html.