Do Nothing' Option for US Deficit Reduction Explored

 　　Hopes were dashed this week for bold congressional action to slow the growth of America’s $15 trillion national debt. A special bipartisan committee failed to agree on ways to trim the deficit¹ by $1.2 trillion. But if Congress has shown itself incapable² of boldly addressing the U.S. fiscal³ woes⁴, consider this: current law, if unchanged, would slash⁵ deficits⁶ by as much as $7 trillion over 10 years.

　　For those yearning⁷ to see a dramatic reduction in the federal deficit, there is something astonishingly easy Congress could do.

　　Absolutely nothing. If Congress went on vacation for the next two years, much would happen automatically to significantly raise federal revenues and trim spending. An array of temporary tax cuts would expire, new taxes would be collected, and automatic cuts to domestic and national defense⁸ spending would go into effect. There would be additional savings⁹ in U.S. debt-servicing costs.

　　All of these measures are written into current U.S. law. If those laws hold, the Congressional Budget Office estimates the annual budget deficit would fall from $1.3 trillion this year to the $500 billion range for most of the next decade - a 60 percent improvement.

　　Some in Congress have already seized on this data. Democratic Representative Peter DeFazio of Oregon highlights one component¹⁰: tax cuts enacted¹¹ under President George W. Bush slated¹² to expire next year. “If Congress continued to do nothing, then all the Bush tax cuts go away, $4 trillion of additional revenues. That would take care of 40 percent of the deficit problem over the next 10 years. If they [lawmakers] are really concerned about debt reduction, the ‘do-nothing’ option is the best,” he said.

　　Independent budget-watchers say the math is correct: doing nothing would significantly improve U.S. finances.  Jason Peuquet of the non-partisan Committee for a Responsible Federal Budget. “If Congress just went home over the next several years, then our debt path is not nearly as bad,” he stated.

　　But there is a catch.

　　“It is really not realistic that Congress just goes home and does not extend the tax cuts, at least part of them,” Peuquet noted¹³.

　　Republicans say higher taxes would deal a damaging blow to a shaky U.S. economy, resulting in slower growth that could reduce government revenue. Senator Jon Kyl of Arizona. “Especially in an economic downturn, like we are in now, it is not a good idea to raise people’s taxes,” he stated.

　　Even President Barack Obama has said only the wealthiest Americans should see their taxes go up, and only after the U.S. economy fully¹⁴ recovers. Days ago, Mr. Obama urged Congress to extend and expand a temporary cut in workers’ contribution to the federal retirement¹⁵ income program, Social Security.

　　Because so much of what would transpire¹⁶ under current law involves added taxation¹⁷, the "do-nothing" option appeals most to progressive Democrats¹⁸ eager to avoid the major spending cuts that Republicans advocate. Indeed, all Democrats would have to do to enforce a "hands-off" approach to deficit reduction would be to block all budget-related legislation in the Senate, where they retain a majority. But many Democrats are also wary¹⁹ of massive tax hikes.

　　“I think that is not a balanced approach,” Democratic Senator Ben Cardin of Maryland said.

　　“That is obviously leverage²⁰ to get to where we need to get to. I am for a full balanced approach that brings down spending and allows the revenues to be adequate to pay for our bills,” Cardin explained.

　　Note Senator Cardin’s use of the word “leverage” - meaning Democrats could threaten to block tax cut extensions to pressure Republicans to compromise on a so-called grand bargain of spending cuts and tax hikes. His message foreshadows what could be a furious budget battle next year, when the United States holds general elections.

1 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

2 incapable   

adj.无能力的，不能做某事的

参考例句：

• He would be incapable of committing such a cruel deed.他不会做出这么残忍的事。
• Computers are incapable of creative thought.计算机不会创造性地思维。

3 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

4 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

5 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

6 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

7 yearning   

a.渴望的；向往的；怀念的

参考例句：

• a yearning for a quiet life 对宁静生活的向往
• He felt a great yearning after his old job. 他对过去的工作有一种强烈的渴想。

8 defense   

n.防御，保卫；[pl.]防务工事；辩护，答辩

参考例句：

• The accused has the right to defense.被告人有权获得辩护。
• The war has impacted the area with military and defense workers.战争使那个地区挤满了军队和防御工程人员。

9 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

10 component   

n.组成部分，成分，元件；adj.组成的，合成的

参考例句：

• Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
• Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。

11 enacted   

制定（法律），通过（法案）( enact的过去式和过去分词 )

参考例句：

• legislation enacted by parliament 由议会通过的法律
• Outside in the little lobby another scene was begin enacted. 外面的小休息室里又是另一番景象。 来自英汉文学 - 嘉莉妹妹

12 slated   

用石板瓦盖( slate的过去式和过去分词 )

参考例句：

• Yuki is working up an in-home phonics program slated for Thursdays, and I'm drilling her on English conversation at dinnertime. Yuki每周四还有一次家庭语音课。我在晚餐时训练她的英语口语。
• Bromfield was slated to become U.S. Secretary of Agriculture. 布罗姆菲尔德被提名为美国农业部长。

13 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

14 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

15 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

16 transpire   

v.(使)蒸发，(使)排出 ；泄露，公开

参考例句：

• We do not know what may transpire when we have a new boss.当新老板来后，我们不知会有什么发生。
• When lack of water,commonly plants would transpire as a way for cool.在缺乏水分时，植物一般用蒸发作为降温的手段。

17 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

18 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

19 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

20 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。