Richard Wolff | Budget Battles: Sound, Fury and Fakery

Richard Wolff | Budget Battles: Sound, Fury and Fakery
Richard Wolff, Truthout: "Aiming at the 2012 election, both parties used the deficit and budget debates purely to impress their voters. Basic numbers tell the true story. The current (Fiscal Year 2011) budget spends about $3.5 trillion while receiving $2.0 trillion in tax revenues. The difference of $1.5 trillion (the equivalent of $1,500 billion) is this year's deficit. The US Treasury must borrow that from whoever will lend to the US government. After much hot air, Republicans and Democrats reached a 'historic compromise,' namely a spending cut of $38 billion."
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