Congress, who is in control of the budget, is not serious about reducing the budget. Here is a very simplistic view of the situation from about two years ago. Since then, it has only gotten worse.
From FY 2010:
U.S. Tax Revenue: $2,170,000,000,000
Shortfall (deficit): $1,650,000,000,000
National Debt: $14,273,000,000,000
Recent Budget Cut: $38,500,000,000
Let’s remove 8 zeros and pretend it’s your household budget:
Your annual family income, 2010: $21,700
Amount you spent in 2010: $38,200
Amount you borrowed with your credit card: $16,500
Outstanding balance on your card: $142,710
Amount you cut from your annual spending: $385
If your household budget was like this, your credit card would be revoked and you would likely lose your home.
It's time to elect a Congress with the courage to address this problem without no concern for their next election.