In response to 12-Angry-Men's comment:
In response to DirtyWaterLover's comment:
The only things that can be cut that will have an impact on the long term budget is Social Security, Medicare, and Defense.
Actually SS is still in surplus and is projected to be solvent until 2035, and that's with the 2% reduction in payroll taxes. If the 2% tax break was rescinded, SS would be solvet until 2060 or so.
ALL SS receipts go to the general fund and are spent immediately. the "surplus" is a bunch of IOU's. This from a government monetizing it's debt. in other words, there is no surplus.
The long term unfunded liability of SS is a real problem. It, along with Medicare, is $66 trillion. Square that circle in an age of no growth.