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A better, balanced budget    (Continued)

November 30, 2012

Whenever the national debt comes up in debate, a lot of half-truths are usually thrown around. According the the CBO, the vast majority of the debt is held by U.S. citizens and investors, while only 8% is held by China. However, this does not mean that the amount of debt we have is any less dangerous. Debt helped bring down the Roman Empire, and ironically enough, Britain’s debt led to the taxes that started the American Revolution.

I propose that we begin immediately by cutting wasteful spending from the budget. Defense spending should also be trimmed, as we should not have to constantly be paying for two ground wars at the same time. I don’t believe taxes should be raised. But if we close some tax loopholes, we can increase revenue enough to close the budget gap.

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