Sorry, GOP: Tax revenue needs to go up

Sorry, GOP: Tax revenue needs to go up

" Here's one way to conceive of just how big the problem is.

If lawmakers wanted to permanently freeze the debt held by the public at the today's level -- 62% of GDP -- they would need to immediately cut spending by 35% or about $1.2 trillion, according to the Government Accountability Office. And those cuts would need to be permanent from hereon out.

How hard would that be?

Consider that in 2010, all of discretionary spending -- including defense -- totaled $1.35 trillion. In other words, to do deficit reduction all on the spending side means "you have to cut into the real meat," said Roberton Williams, senior fellow at the Tax Policy Center.

Consider, too, how much fun lawmakers are having right now trying to negotiate spending cuts for this year alone. Their working range: Between $10 billion and $61 billion."