Federal Budget Must be Reduced :: Argumentative Persuasive Economics Papers

Federal Budget Must be Reduced The one-year multi primeion-dollar federal calculatethreatens the future of the United States and must bereduced.To racetrack the size of the deficit, federal revenuesmust be change magnitude, and federal outlays must be reduced, or a combination of the two may be used.Under the 1990 cypher agreement, Congress cut defense expending and benefits to veterans, farmers, and Medicare and Medicaid patients. In addition, the agreement growingd taxes for the wealthiest Americans and phased out few oftheir tax exemptions. The act also raised taxes oncigarettes, alcohol, gasoline, and airline tickets.(Current Issues. Close-Up Foundation,1993.) This wasa good first step, at fit rather than rolling over the debt to future generations. However, the Republicans need to find some more support to getanother such agreement passed. pricey defense programs that were once necessary are no longer needed. The property that was onceused for defense should be put toward lowering thebudget deficit, which grows at the rate of $10,000 persecond and stood as $5,020,705,156,014 at eight oclockp.m. on November 13, 1995. This is according to theNational Debt Clock (Debt Clock, //www.fusebox.com/debtclock/).Because Americans are not willing to return socialprograms, the only alternative is to raise taxes.Americans may not akin it, but they need to pay forthe government services they want and need. However,this outgrowth in taxes should be kept in perspective, since a tax increase will reduce personal income andbusiness profits. Too high of an increase in taxes will only stifle economic growth by reducing the moneybusinesses would have to invest in expansion and trafficcreation. The latest step in balancing the budget wasa stop-gap spending bill which passed through the House of Representatives November 8, 1995, (CNN-Housepasses stop-gap spending bill-Nov.8,1995,http//www.cnn.com//US/9511/budget/index.html) This bill reduces the fund ing for some programs. On Monday,President Clinton vetoed the stop-gap spending measure,and a debt throttle extension calling them too high a price