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It's pretty sad that we could eliminate 100% of defense spending (including war spending and veterans benefits) and we would still be running large deficits (about a half trillion). Then if you roll back the Bush tax cuts, we would *still* have good size deficits.

Depending on bond maturities and revenue growth, yearly deficits aren't necessarily a bad thing, e.g. if you retire $X in bonds, and borrow $X + something might be fine.
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