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And all of that would have to be squeezed into a $1.5 trillion budget hole, forcing lawmakers either to scale back cuts, phase them in, find more loopholes to close or identify other taxes to raise.
Most of the really serious cuts phase in between 2005 and 2010, but substantial changes go into effect next year.
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TAX CUTS -- The budget would cut $1.3 billion in taxes, with the bulk of the cuts phased in over the next four years.
The leaders have identified an additional $1.4 billion available for spending since the governor announced his budget, and want to apply some of this to $1.2 billion in new tax cuts phased in over the next five years.
In an interview, Zandi said he supports a one-year extension of tax cuts for the wealthy - with the cuts phased out starting in 2012 - in part because election-year anxiety about budget deficits is preventing Congress from approving additional stimulus in any other form.
Future historians will surely ask how we in America could not agree on sensible near-term infrastructure investment — to upgrade our country with cheap money — paired with a long-term package of tax reforms and spending cuts, phased in gradually as the economy improves, so we have a much sturdier balance sheet to survive any geopolitical storms.
As soon as the tax cuts phased in after a year and a half, the economy took off.
The Bush era tax cuts phased down the estate tax over a period of years.
If you're thinking President Obama has already cut defense spending over the past four years, you're right, but they're small cuts phased in over ten years.
First off, it seems like the editors aren't aware of a significant part of the Senate Democrats' plan -- $27.5 billion in defense cuts, "phased in responsibly to time with the troop drawdown in Afghanistan in 2015, and continuing through 2021".
As the Anchorage Daily News has reported, "Miller has called for across-the-board cuts, phasing out government Medicare and Social Security, and getting rid of the federal Department of Education because it is not in the Constitution, leaving the function to the states.
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