WeMatter.com (Blog): 07/01/2011

There seems to be more than a 2:1 ratio of the public in favor of no debt limit increase, I'm about ready to abandon the effort to increase it and then let the programs that spend more than, say 10% of the budge ,to be cut about 50% till the next election with no IOU's or change in policies ... It's a plan... that saves $981 with only the top level cuts

The second option is "for the Treasury Department to Prioritize", lets see how that works.

Revenue: $2,163 Billion

Interest:     196
Social Security   704 <900 so far>
Medicare           446 <1,346>
~50% Security 407 <1,753>

      Leaving: 410 for the rest, which is:

~50% Security   407
Non-Security 491
Medicaid         273
Other              644 <1815>

      Or about a 78% cut in these rest...

Proposed Fy12 Status Quo Budget

Outlays (billion):

Appropriated (“discretionary”) programs:

Security ................................................................... 815
Non-security ............................................................ 491
Subtotal, appropriated programs ..................... 1,306

Mandatory programs:

Social Security .......................................................... 701
Medicare .................................................................. 446
Medicaid .................................................................. 273
Troubled Asset Relief Program (TARP) 2 ................... –110
Other mandatory programs ......................................... 644

Subtotal, mandatory programs ................................... 1,954

Net interest ................................................................ 196

Total outlays ............................................................. 3,456

Receipts (billion):

Individual income taxes ................................................ 899
Corporation income taxes ............................................. 191

Social insurance and retirement receipts:

Social Security payroll taxes .......................................... 632
Medicare payroll taxes .................................................. 180
Unemployment insurance ................................................ 45
Other retirement .............................................................. 8
Excise taxes .................................................................. 67
Estate and gift taxes ....................................................... 19
Customs duties .............................................................. 25
Deposits of earnings, Federal Reserve System ................... 76
Other miscellaneous receipts ............................................ 21
Total receipts .......................................................... 2,163

Deficit ................................................................................ 1,293

See:

Most Americans oppose raising debt limit April 21, 2011 ... Just 27 percent of Americans support raising the debt limit, while 63 percent oppose raising it