The nation’s budget wars have reduced the deficit by $3.3 trillion
The endless rounds of deficit reduction in Washington in recent years have significantly improved the nation’s budget outlook, reducing projected borrowing by $3.3 trillion through 2024, according to new estimates by Senate Budget Committee chairman Patty Murray (D-Wash.)…As this chart from Murray shows, the discretionary budget, which funds the Pentagon and other agencies, will absorb nearly half of the cuts, or $1.6 trillion…A quarter of the impact comes from the higher taxes on the wealthy that were adopted during the fiscal cliff fight. And another 20 percent comes from not borrowing as much and not having to pay more than $700 billion in interest that otherwise would have accrued. Mandatory programs, which include Social Security and Medicare, were barely nicked, meanwhile, accounting for just 7 percent of overall savings.
Was that 7% worth it? Were cuts to programs that help the people who need help the most really worth it? Considering how much more we can cut defense programs the pentagon doesn’t even want.