What Spending Should the GOP Cut?
[...] Out of the starting gate next year, fiscal reformers in Congress should push for an across-the-board cut to discretionary spending for the rest of the current fiscal year. One approach would be for House leaders to propose a continuing resolution that extends spending at last year’s levels, less some substantial percentage cut applied to every program.
For the upcoming fiscal year of 2012, reformers need to carefully target some major program cuts and eliminations. The president and the Democrats in the Senate will likely resist proposed cuts, but the point is to further the national debate that has begun about the proper size and scope of the federal government.
Some initial targets for GOP reformers, with rough annual savings, could include: community development subsidies ($15 billion), public housing subsidies ($9 billion), urban transit subsidies ($9 billion), and foreign development aid ($18 billion). On the entitlement side, initial cuts could include raising the retirement age for Social Security and introducing progressive price indexing to reduce the growth rate of future benefits. [...]
The article has many links to think-tanks and groups who have been studying the topic, and have many suggestions.
Europe has recognized the global economic threat and is reacting accordingly. They've been urging us to do the same. How long will it take us to change course before the collapse of our currency is imminent?
Spending cuts may be tough, but it will be nothing, compared to world-wide ecomomic collapse. See the links below for details.
What would a U.S. currency collapse look like?
What happens when Tax Cuts Expire in 2011?
Our true national debt: $130,000,000,000,000.
Argentina's Example: Are we heading there?
Glenn Beck – 15 Days of Economic Collapse
Has US Currency already "collapsed"?