Magazine November 29, 2010, Issue

What to Cut

Treasury secretary Tim Geithner sits in front of a display showing the federal taxes and spending before testifying before a Senate committee in Washington, D.C., February 4, 2010. (Hyungwon Kang/Reuters)
Twelve spending-reduction priorities for the new Congress

If the 2010 election produced any conservative mandates, they are to create jobs and to rein in soaring spending and deficits. Republicans should begin implementing this agenda by extending the 2001 and 2003 tax cuts and paring back a government that now spends a staggering $30,000 per household annually.

Despite liberal claims to the contrary, rising spending — not declining revenues — drives America’s long-term deficits. Once the economy recovers, revenues are projected to return to their historical average of 18 percent of the economy — even if all tax cuts are extended. Federal spending — rising from its historical average

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