Ny times can you balance the budget

It also includes tax options like taxing millionaires at a 45 percent rate, replacing the mortgage interest deduction with a credit, raising the cap on Social Security payroll taxes, and instituting a VAT.

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Skip to Content. By Annie McDonough January 6, January 6, What should be done to solve the budget gap? What should be done for the structural deficit going forward? If the state raises taxes, will that drive a further decline in population? Share This:.

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Do Not Sell My Personal Information When you visit our website, we store cookies on your browser to collect information. Allow All Cookies. Cookie List A cookie is a small piece of data text file that a website — when visited by a user — asks your browser to store on your device in order to remember information about you, such as your language preference or login information. The goal of the Federal Budget Challenge is to reduce the amount of annual deficits over the next 10 years.

Your starting point will be the CBO's estimate for these deficits under current law -- assuming Congress and the President pass no legislation over that time. To learn about the budget decisions that lead to these annual deficits click here.

Federal Budget Challenge. Take the Challenge Start Now! Recent estimates suggest that contractors outnumber federal employees by millions. The chairmen called for a series of smaller cuts, including eliminating some agencies, cutting research funds for fossil fuels, reducing funds for the Smithsonian and the National Park Service, eliminating certain regional subsidies, and eliminating the Office of Safe and Drug-Free Schools.

In the past decade, even before the stimulus bill, state aid rose significantly, as a share of the economy. In , it equaled 3. Cutting state aid, advocates say, would persuade states to spend more efficiently and reduce waste. Opponents worry about the effects on education, poverty and public safety.

Would reduce number of nuclear warheads to 1,, from 1, Would also reduce the number of Minuteman missiles and funding for nuclear research and development, missile development and space-based missile defense. All told, 50, personnel would be withdrawn. Under this option, the Navy would build 48 fewer ships and retire 37 more ships than now scheduled. Overall, the battle fleet would shrink to ships, from In addition, the Air Force would retire two tactical fighter wings and reduce the number of fighter jets it planned to purchase.

This option would cancel the purchase of some expensive equipment, like the F35 fighter jet and MV Osprey, with less expensive equipment that the bipartisan Sustainable Defense Task Force judged to have similar capability. It would delay other purchases. Research and development spending, which the task force considered a relic of the cold war arms race, would be reduced. Would change health-care plan for veterans who had not been wounded in battle.

Premiums, which have not risen in a decade, would rise. More veterans would receive health insurance from employer. This option would also take some benefits, like housing allowances, into account when tying military raises to civilian pay raises.

Currently, increases in those benefits come on top of pay raises. The military would also reduce the length and frequency of combat tours. No unit or person will be sent to a combat zone for longer than a year, and they will not be sent back involuntarily without spending at least two years at home. Reduce the number of troops in Iraq and Afghanistan to 60, by Today, the United States military has , troops in Afghanistan and 50, in Iraq. The Obama Administration plans to reduce these numbers in coming years but has not specified troop levels.

Defense and budget experts say this 60, option would be faster than what is now planned. The savings is the difference between the administration's projected spending and the spending under this option. Many doctors believe so-called defensive medicine — ordering tests and procedures to avoid lawsuits — is a major reason health costs are so high. This option would begin to reduce the chances of large malpractice verdicts, and supporters believe, also reduce rising medical costs.

The savings estimate comes from the Congressional Budget Office. Those who favor raising the eligibility age for Medicare often say that Americans are living longer and should work longer. And, some say, the new health-care bill will allow people in their late 60s without employer-provided insurance to buy a policy through an exchange.

Opponents say that low-income workers have experienced the lowest increases in longevity, and they need Medicare the most.