Federal spending for 2011 is projected to be $3.8 trillion dollars. GDP for 2011 is projected to be $15.2 trillion dollars. Debicella's plan would cap spending at 20% of GDP, so, if he had his way, federal spending in 2011 would total $3.04 trillion dollars. If the tax cuts of 2001 and 2003 were permanently extended (as per Debicella's vision) tax revenues in 2011 would equal $2.584 trillion.
BIG PROBLEM: This would leave a $456 billion gap between spending and revenue.
Could it be that Debicella's plan to combat the deficit would itself institutionalize deficit spending??? Sure seems like it.
When Dan Debicella talks about his his plans for reducing the deficit, he fails to mention that these very same plans would result in a permanent deficit. Debicella's plan would not end government borrowing, it would continue it. Forever.
To illustrate:
Who is he trying to kid?
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