Step one of a balanced budget was completed during the initial "Fiscal Cliff" dialogues that happened in late December which included raising additional revenue and minor cuts. Moving forward, spending cuts also need to occur, and many bloated budgets such as Homeland Security (think piles of unused detector hardware) and the defense budget can be massively slashed with no real impact to our security. Reform of citizen Welfare (i.e. requiring job placement assistance or drug tests to receive welfare) could also help contribute to a more balanced budget.
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