These cuts are only the first step in solving our fiscal crisis as they only reduce spending by $85 billion for this fiscal year in a budget totaling some $3.6 trillion. For those keeping score, that only amounts to about 2.4% of the overall budget. The government is still projected to have huge deficits this year totaling some $845 billion. This would seem to belie the accusations out of the White House that these cuts are “draconian.”
If draconian is forcing middle-class Americans to give up their daily $4 latte, so be it. That is much better than going bankrupt or leaving their children to shoulder their irresponsible burden.
Congress cannot simply kick the can down the road, again. The time for delay is over. If lawmakers are truly horrified by the shape – not size – of sequester, then by all means propose something. Tax hikes and gimmicks need not apply.
Once these spending reductions take effect and the American people see that the sky hasn’t fallen, perhaps Washington politicians will finally get serious about taking the necessary steps to put our fiscal house in order.