In August, the Congressional Budget Office projected a $426B federal deficit for fiscal 2015, which ends on September 30. Since the record deficit of $1,412B in 2009, there’s been about a trillion dollars of improvement on the budget -- and almost all of it came after the U.S. House, where budgets originate, was taken over by Republicans in January 2011. A deficit of $426B, however, is still larger than any before fiscal 2008, when the Pelosi-Reid Congress took over the budget. And not only that, the CBO also projected (see chart on page 69) that after fiscal 2016 the deficit will resume its upward trend and by 2025 be back up above a trillion dollars. Republicans must not let that happen. Now is the time, perhaps the last time, to tackle the deficit. Assuming static economic growth, there are two ways to get rid of the deficit: Congress can raise taxes to accommodate their spending or they can cut their spending. For fiscal 2015 the CBO projects $3.3T in revenues and...(Read Full Article)