Why Deficit-Cutting Is Good Rhetoric but Hard Reality

Two recent events underscore why the U.S. has a deficit problem and why it's unlikely to be solved without deep concessions by both parties and most Americans.

The first is Representative Paul Ryan's budget proposal, which is expected to be unveiled next week. Ryan, a Wisconsin Republican, is expected to balance the budget within 10 years -- without raising any additional taxes beyond those agreed to earlier this year. To make this math work, Ryan needs to cut costs and was reportedly considering raising the age cutoff for his Medicare premium-support plan to 56. While details haven't been released, such a move could shave the health program's near-term costs, since fewer people would be eligible for traditional Medicare within the 10-year budget window.