FROM CNN's Jack Cafferty:
As a country, we are beyond broke. The Congressional Budget Office says the deficit this year will top $1.2 trillion. President- elect Barack Obama wants a stimulus package on his desk in the neighborhood of $800 billion shortly after he takes office. Predictions are that the federal deficits will exceed a trillion dollars for "years to come."
How can we cut spending?
Obama has a tough task: preach fiscal discipline to try to get Republican support (not that they've practiced anything approaching fiscal discipline for the past eight years), while at the same time, expanding health care coverage and investing in alternative energy.
The President-elect continues to talk about cutting federal spending, eliminating things from the budget, and so on. But the fact is that meaningful cuts are tough to come by. Unless you take a cleaver to defense and entitlements - Medicare and Social Security are the fastest growing drains on the federal budget - there's just not a lot of meat on the budgetary bone to trim. Plus government workers are civil servants who can't be fired.
At a news conference, Mr. Obama did say he'd talk about entitlements but not until next month.
Here’s my question to you: How would you go about cutting federal spending?
Interested to know which ones made it on air?
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