Letting the Bush tax cuts expire next year, and winding down operations in Iraq and Afghanistan would go a long way to balancing the Federal budget.

As far as reducing the deficit goes, I have less insight into this. Except that making the Federal government's budget revenue-neutral is a critical first step.

+1 for that. Expiring the tax cuts and reducing foreign military expenditures is our best option. We have an obligation to keep our current military personel employed but I would rather they be spending their salaries in local businesses here. Military cuts can occur by shutting down foreign bases and drastically reducing the recruitment of new military personel.

It would be funny, if it were not so serious: a lot of my conservative friends harp on the need to stay in the middle east, but refuse to pay for it with taxes.

> would go a long way to balancing the Federal budget

> as reducing the deficit goes, I have less insight into this

Balancing the budget is exactly reducing the deficit. It's the debt I suspect you have less insight into.

Frankly it's an embarrassment that they could only agree lower the deficit by less than 10%. They are a long way from addressing the debt.

Yes, you are correct. Long day and I'm confusing terms :)

The terms of the debt ceiling deal look like it will force one/the other/both:

http://www.editedforclarity.com/2011/08/01/debt-ceiling-deal...

I listened to an NPR segment on this topic and it seems like Congress has several ways around doing the things that journalists think can be forced through. I'm an immigrant to the US so this a learning exercise for me, perhaps someone else can explain in more detail.

I'm guessing "This is just a law. They can of course, just pass a different law that disregards the old laws, as new laws have primacy over old".