And I say it will lead to kitten showers

This is typical of reporting on the deficit:

The Senate’s budget would shrink annual federal shortfalls over the next decade to nearly $400 billion, raise unspecified taxes by $975 billion and cull modest savings from domestic programs.

In contrast, a rival budget approved by the GOP-run House balances the budget within 10 years without boosting taxes.

That blueprint— by House Budget Committee Chairman Paul Ryan, R-Wis., his party’s vice presidential candidate last year — claims $4 trillion more in savings over the period than Senate Democrats by digging deeply into Medicaid, food stamps and other safety net programs for the needy. It would also transform the Medicare health care program for seniors into a voucher-like system for future recipients.

The problem is that Paul Ryan’s budget isn’t specific, so when it says it’s going to balance the budget it doesn’t really say how. As with his earlier budgets, he is quite specific with the tax cuts but not specific with the spending cuts or the elimination of tax deductions. The basic Ryan formula is: big tax cuts for the rich, huge domestic spending cuts, and then Free Market magic will lead to a balanced budget.

This is also wrong:

Both sides have expressed a desire to reduce federal deficits. But President Barack Obama is demanding a combination of tax increases and spending cuts to do so, while GOP leaders say they won’t consider higher revenues but want serious reductions in Medicare and other benefit programs that have rocketed deficits skyward.

Currently half of the deficit is estimated to be because of the economic downturn and also look here to see that the deficit has been decreasing the last few years (from the CBO report–obviously the numbers for 2013 and later are projections; Automatic stabilizers are automatic changes in revenues and outlays that are attributable to cyclical movements in real (inflation-adjusted) output and unemployment according to the CBO):

Year Budget Deficit Stabilizers Deficit-Stabilizers

2008

-459

-45

-414

2009

-1,413

-350

-1,063

2010

-1,293

-417

-876

2011

-1,300

-409

-891

2012

-1,089

-386

-703

2013

-845

-422

-423

2014

-616

-444

-172

2015

-430

-352

-78

2016

-476

-186

-290

2017

-535

-43

-492

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