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The federal budget deficit is larger than it has ever been in the history of the United
States. Finally topping the $1.1 trillion mark, Congress and President Obama have been trying
to bring it back under control through sweeping changes that include drastic budget cuts for the
military, Department of Education and as well as several other areas (β€œDeficit”).
Gramm-Rudman-Hollings Balanced Budget Act
The Gramm-Rudman-Hollings Balanced Budget Act was enacted in 1985 to help reduce
the nation’s largest fiscal deficit. The act was designed to put in place automatic spending cuts in
the event the national deficit surpassed a pre-determined monetary limit. The Gramm-Rudman
Act also introduced caps placed on several aspects of federal spending in an attempt to control an
increasing national debt.
Warren Buffett
Republican lawmakers and Warren Buffett, one of the wealthiest men in the country,
both have distinct viewpoints on how to control federal spending and where cuts need to be
made to reduce the budget deficit. Buffett’s solution is plain and simple eliminate the way
Congress operates. He firmly believes Congressmen and women should return to regular
citizenship as soon as their tenure is over and not be allowed to make a career out of serving in
the capital (Milligan, 2012).
Republican Senators and Representatives believe raising taxes would offset many of the
budget cuts the Democrats have suggested. Federal Reserve Chairman Ben Bernanke has
commented that the increase in taxes and federal spending cuts would adversely affect an already
fragile economy. The recent fiscal cliff debate increased the frustration on both sides (Isidore,
Most Americans agree that to reduce the national deficit, federal spending needs to be
more closely monitored. It is also agreed that instead of taxing the American citizens, the taxes
taken in by the government should be used to benefit the public at large. As it stands, one of the
biggest drains on government funds is the amount of money spent to operate the government,
which includes paying the lifelong salaries of lawmakers (β€œChoices,” 2012).

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