Half a Loaf

The Washington Times reports that Speaker of the House John A. Boehner has told President Obama that he cannot accept $4 trillion in spending cuts (over 10 years) if it includes tax hikes. Conservatives throughout the land have been adamant in opposing any tax increases. Another plan involving $2 trillion in spending cuts seems more likely. In our opinion, the federal government needs to slash its budget by well over $1 trillion a year to maintain our "good faith and credit" and reassure our creditors that we are serious about controlling runaway spending.