The Cato Institute estimates that corporate welfare now tops $125 billion per year. Among the biggest beneficiaries are companies such as Boeing, Xerox, IBM, Motorola, Dow Chemical, and General Electric.
Cutting $1.5 trillion from the federal budget, supposedly the goal of the Super Committee, sounds daunting. When you put those numbers into the context of the total federal budget and our exploding national debt, however, you realize it shouldn't be so hard. The Committee's real challenge—and it's a doozy—is a political system that discourages common sense.
Cuts in military spending already have the support of most Democrats, but a rising number of deficit hawks in the Republican Party are willing to trim Department of Defense (DoD) spending as well.
Three years ago, conservative Republicans were falling all over themselves to support Mitt Romney in the Republican primary over John McCain.
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