What Next?

In an article 'The Case for Higher Taxes' by Uwe Reinhardt, who is an economics professor at Princeton, he states that Alan Greenspan, the former chairman of the Federal reserve, believes that we should raise the tax rates to the same as they were during the Clinton years, although this would definitely raise taxes "for all American taxpayers". However, it is primarily because we have reduced taxes, and with the involvement of the two Iraq wars, the stimulus package, and the granting of "tax cuts without commensurate cuts in government spending", has sunk us into this black hole we are currently trying to suck ourselves out from. Therefor, he suggests that to raise taxes and to lower government spending is the key to digging it out of debt.(And all the while we beg for bread.){1}
On the site GOVPRO.COM, a commercial site, senior policy analyst at the Washington Heritage Foundation, Brian Riedi, says that stimulus spending is estimated to reach 350 billion, and, that "Fannie Mae and Freddie Mac bailouts will incur large costs and that Obama wants to increase discretionary spending 8-10% for expansions, Michael Balsam, chief solutions officer for Onvia, sees this as a good thing for in his view the 100 Billion given in stimulus contracts to the Private sector will generate "about 1 million jobs." And so far, the broad road of squabbling looks more feasible then a solution.{2}

{1}http://economix.blogs.nytimes.com/2011/05/27/the-case-for-higher-taxes/?scp=1&sq=US%20Deficit&st=cse

{2} http://govpro.com/news/govt-budgets-spending-forecast-20100129/?pid=gad-2010keating