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What is the percentage of Federal Budget Deficit relative to the total Federal income. I know it is 14% of total GDP and historical and ideally should not exceed 3% of GDP.
Can't the Federal government decide to cut deficit by half by just cutting the overspending by half all across the board, from Federal Pay scale to all programs (SS, Medicare, Defense, etc).

According to wikipedia for 2009, the budget was about $3.5T (rounding to nearest hundred billion) and receipts were $2.1T, so that's $1.4T deficit, or about %40 of the total budget. Interest on the debt was 5% of the budget.

Can't the Federal government decide to cut deficit by half by just cutting the overspending by half all across the board, from Federal Pay scale to all programs (SS, Medicare, Defense, etc).

I'm interpreting this as a 50% cut of the entire budget rather than a cut of things defined as "waste". Technically I don't see why not, but realistically there's a snowball's chance in Houston...