Another Trillion-Plus Deficit Year

http://www.politico.com/news/stories/0112/72205.html

The CBO has just proclaimed the wonderful news that 2012 will be another trillion+ deficit year. Am I the only one freaking out about this? If we don't do something to correct this soon, there are only a few options. Default and face all the horrible repercussions that would bring, wildly devalue our currency, or raise the hell out of taxes. All of these are very bad scenarios. It is long past time for some sacred cow slaughtering. Medicare, Social Security and Defense all have to be cut heavily. If people would look towards the long term instead of the short, they wouldn't be so quick to destroy the futures of their children and grandchildren. These are unpleasant topics, but we need to address them quickly (and no, just sitting back and waiting for the economy to grow faster isn't a solution).