- The US federal budget deficit for 2012 was $1.3 trillion.
- Military expenses (on and off budget) are going on $1.5 trillion/year.
- Entitlement expenses are $2 trillion/year and growing by $200B/year.
The tax raise is only a symbolic bargaining chip. It is meaningless to the budget, which is sacrosanct to both sides. Nothing but the interest rate cycle will stop this train.