It's not the spending…

…it's the charity for the rich.

Rep. Chet Edwards (TX-17) : “So put that in lay terms, had we not had the tax cuts passed since 2001, according to CBO analysis, the deficit would be how much smaller?”

Dr. Peter R. Orszag, Director of the Congressional Budget Office: “If you just do a simple accounting exercise that takes that estimated revenue effect from the Joint Committee on Taxation and compare it to today’s deficit, it would roughly eliminate the deficit.”

Hat tip to The Gavel.