The US is spending $4 billion a day more than it is taking in.
From David Walker, former Comptroller General of the U.S.:
Walker leans more towards the spending-cut side, but also sees inequities in the tax structure that must be corrected to help generate revenue.
"We have to broaden the base—51 percent of Americans don't have any income taxes," he said. "That's not acceptable in a democracy."
Solving America's problems will require a combination weighted toward spending reductions but one that also will require spreading the taxation burden around more evenly, said Walker, the former US comptroller general.
http://www.cnbc.com/id/43134077
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