The federal deficit is expected to be so large over the next decade that it would take about $16 trillion in spending reductions or new revenues to balance the budget by 2033. That’s about the size of the entire Social Security program. Or the entire Medicare program in addition to every anti-poverty program and refundable tax credit. Those outlandish examples come from a recent analysis from the committee.
Balancing the budget without tax increases, or cuts to the military, Medicare or Social Security, would mean cutting the rest of the budget by a whopping 70 percent. Cuts of that magnitude would mean the firings of most federal workers in agencies like the F.B.I., the Parks Service and the State Department, and huge reductions in food assistance and military retirement.