Let's start out the week with a brief reminder of what the federal government spends its money on:
Your goal is to find $1,700 billion in either spending cuts or tax increases to balance the budget. Generally speaking, most people agree there should be no cuts to defense, Social Security, Medicare, or veterans, which leaves $2,500 billion still on the table.
Can you cut $1,700 billion out of $2,500 billion? If you cut 10% across the board, that's $250 billion, which leaves $1,450 billion in tax increases.¹ If you're even more of a hardass than most MAGA Republicans and think you can cut 20% across the board, that's $500 billion, which leaves $1,200 billion in tax increases.
Can you magic your way out of this by assuming huge economic growth? Nope. It's a favorite piece of smoke and mirrors, but it's completely bogus.
Long story short, it's hard to see any way out of this other than substantial tax increases. The question is when we'll ever face up to that.
¹That's a one-third increase in taxes. It's a lot! Much of it can come from increased taxes on the rich, but probably not all of it.