Peter Schiff: We have to cut $1.5 trillion out of this year's budget"

Here's the problem:

Obama has already heaped $4 trillion onto future generation and it simply must stop: Peter Schiff on the Dismal Future of the U.S. Economy

The big problem is where do you cut. Fact is, for the first time in our history just entitlement spending by itself is greater than all federal tax revenues combined:

So if entitlement spending isn't cut and cut significantly, forget about erasing the deficits as it will be mathematically impossible.