Cut Spending, Raise Taxes, or Wait for Economic Collapse
Republicans don’t want a tax increase—but a tax increase is exactly what they are arguing for, without quite meaning to.
Put another way: Republicans are gearing up for a fight over raising the debt ceiling—and they say they want spending cuts, except for entitlements, defense, and veterans’ care.
What that takes off the table is Social Security and Medicare, at least, while some Republicans, notably Rep. Jim Jordan, also say Medicaid cuts are not on the table. Together with defense spending and interest on the debt already accrued (the only federal bill that really has to be paid) that represents the great majority of federal spending. Let’s look at last year’s spending for some perspective.
The 2022 breakdown was:
