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Fixed-income investments finance roughly a third of the deficit.
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In the White House commission's proposal, tax revenue would cover only about one-third of the deficit reduction; spending cuts would have to account for two-thirds.
More than two-thirds of the deficit in goods is with the EU.
The surplus in services is around a sixth of the deficit in goods.
President Obama has just claimed that he has eliminated two-thirds of the deficit.
That's less than one-sixth of the deficit reduction achieved by a 2percentt cap on tax benefits.
You might say that TfL gives concessions to young people – yes but these are only about £55m or one-tenth of the deficit.
But despite all the publicity that Mr. McGreevey's belt-tightening has generated, the cuts announced so far will save less than $200 million -- roughly one-fifteenth of the deficit he must eliminate by June 30.
Despite all the publicity that his belt-tightening has generated, the cuts announced so far will save less than $200 million -- roughly one-fifteenth of the deficit he must eliminate by June 30.
But Democratic House leaders and Republican Senate leaders accurately pointed out that nine-tenths of the deficit would have remained had Congress accepted every one of Mr. Reagan's spending proposals.
Obama could probably triumph in a short-term confrontation, pushing through higher tax rates on the rich that wouldn't even produce enough revenue to cover a tenth of the deficit.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com