Romney and Obama Can Agree on Taxes. Why Can’t Congress?

Diametrically opposed as the tax plans of President Barack Obama and Republican nominee Mitt Romney may be, one area of agreement is emerging: The government needs to limit the countless deductions, exclusions, exemptions and credits that cost the U.S. more than $1 trillion in revenue every year.

Although their motivations differ radically, their shared desire to tackle such tax expenditures is an encouraging sign at a time of waning confidence in Washington’s ability to handle the immense fiscal challenges facing the country. Federal spending now accounts for about 23 percent of economic output, while taxes account for about 15 percent -- an imbalance that won’t correct itself. Absent serious fiscal restraint that addresses unaffordable tax cuts and spending, the federal debt is expected to grow by as much as $11 trillion over the next decade.