'A couple of years back, Andrew Biggs of the American Enterprise Institute calculated that, if Washington were to increase every single tax by 30 percent, it would be enough to balance the books — in 25 years. If you were to raise taxes by 50 percent, it would be enough to fund our entitlement liabilities — just our current ones, not our future liabilities, which would require further increases. This is the scale of course correction needed.
If you don't want that, you need to cut spending — like Harry Reid's been doing. "Now remember, we've already done more than a billion dollars' worth of cuts," he bragged the other day. "So we need to get some credit for that."
Wow! A billion dollars' worth of cuts! Washington borrows $188 million every hour. So, if Reid took over five hours to negotiate those "cuts," it was a complete waste of time. So are most of the "plans." Any "debt-reduction plan" that doesn't address at least $1.3 trillion a year is, in fact, a debt-increase plan.'