The Deficit Chart

This chart from from the Center on Budget and Policy Priorities has been making the rounds on some of the smarter national blogs today. But my guess is that it won’t receive much mainstream attention.

Federal Deficit Chart.

As James Fallows points out, however, it should. It should be a part of every discussion about the deficit and fiscal reforms, including the proposed transformation of Medicare into a voucher program.

The biggest message here is the one that Ezra Klein points out. Extending the Bush tax cuts over the 10 years, as Republicans want to do, will increase the deficit twice as much as the $2 trillion in proposed spending cuts would reduce the deficit.

Klein:

[The Republican plan] doesn’t get our finances back in shape. [The GOP wants] us to spend less, but [they] also [want] us to cut taxes by more. It’s the equivalent of eating less and being more sedentary, and it’s not what the doctor ordered.

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