The Obama administration has made it clear that reducing the deficit is a major priority over the next two years, but there’s a good way and a bad way to balance the federal budget.
The bad way would cut Social Security and Medicare benefits, two of the signature achievements of the Democratic Party and widely popular programs among the American public. The good way is to reduce wasteful weapons systems, close corporate tax loopholes, increase corporate and upper income tax rates, reduce agricultural subsidies and spur targeted economic growth to lift us out of the recession.
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