According to an expert opinion, spending of up to $5 Trillion can be cut in the federal budget by reducing the amount of discretionary spending. The major overhauls can be done in the medical field. There is also a need of 2010 health care reforms.
Similarly, there is also a lot of military spending that is being done due to the USA fighting wars in various countries. There is a lot of money going in Iraq, Afghanistan and other countries. It is better that the USA stops a lot of spending in such countries because it is like a suicide attack on their economy.
There is also a need to cut down agriculture subsidies. Since, the USA is not an agriculture producing country; most of the subsidies are enjoyed by large importers or farmers of other countries. As a result, the USA population does not benefit from such subsidies and they are enjoyed by the residents of other countries.
Health reforms need a major overhaul. 2010 Health Care Reforms has provided too much discretionary spending for medical reforms. Much of this money is not necessary and can be cut into controlling the budget deficit. It requires a mandatory spending of $2.54 Trillion. This means that sometimes, other sectors have to be sacrificed, because the government is too keen to spend on this sectors which leads to a major chunk of the budget deficit.
Similarly, the USA is providing $25 billion worth of foreign aid to other countries. This money is being spent on the development programmes in other countries at the expense of the USA’s economy.
