Federal Budget Must be Reduced :: Argumentative Persuasive Economics Papers

Federal Budget Must be Reduced The annual multibillion-dollar federal calculatethreatens the future of the United States and must be cropd.To cut the size of the deficit, federal revenuesmust be increased, and federal outlays must be reduced, or a conclave of the two may be used.Under the 1990budget agreement, Congress cut defense using up and benefits to veterans, farmers, and Medicare and Medicaid patients. In addition, the agreement increased taxes for the wealthiest Americans and phased out some oftheir tax exemptions. The symbolize also raised taxes oncigarettes, alcohol, gasoline, and airline tickets.(Current Issues. Close-Up Foundation,1993.) This wasa good first step, at balancing rather than rolling over the debt to future generations. However, the Republicans pick out to find some more support to getanother such agreement passed. Expensive defense programs that were once necessary are no womb-to-tomb needed. The money that was onceused for defense should be pu t toward lowering thebudget deficit, which grows at the rate of $10,000 persecond and stood as $5,020,705,156,014 at eight oclockp.m. on November 13, 1995. This is according to theNational Debt Clock (Debt Clock, //www.fusebox.com/debtclock/).Because Americans are not willing to sacrifice socialprograms, the only alternative is to raise taxes.Americans may not like it, further they need to pay forthe government services they want and need. However,this increase in taxes should be kept in perspective, since a tax increase will reduce personal income andbusiness profits. Too high of an increase in taxes will only stifle economic growth by reducing the moneybusinesses would throw off to invest in expansion and jobcreation. The latest step in balancing the budget wasa stop-gap spending bill which passed through the House of Representatives November 8, 1995, (CNN-Housepasses stop-gap spending bill-Nov.8,1995,http//www.cnn.com//US/9511/budget/index.html) This bill reduces the fun ding for some programs. On Monday,President Clinton vetoed the stop-gap spending measure,and a debt limit extension calling them too high a price