Just this week Americans received another warning shot across the bow: in October the federal deficit for one month rose to $120 billion, higher than expected, up from $98 billion a year ago. Simply put, spending is still rising faster than revenues which also rose $20 billion from the year before. Even as President Obama boasted during his campaign that he had cut spending.
While triumphant Democrats approach the coming budget negotiations with new-found vigor, Republicans need to remember that they hold two trump cards – the truth and the House. Americans may want the rich to pay more in taxes, but they also want lower deficits, which we will not have unless we tackle entitlement reform.
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