I have already written that the supposed European austerity (e.g. in the UK) is no such thing, and "austerity" in these cases is being used to describe what is merely a slowing in spending growth.
Apparently the same Newspeak is being applied to spending cuts in the US. How else can one match this data:
"If we're going to raise revenues that are sufficient to balance with the very tough cuts that we've already made and the further reforms in entitlements that I’m prepared to make, then we’re going to have to see the rates on the top two percent go up"
Seriously? The only small reductions in the budget were because some supposedly one-time expenses (like TARP bailouts, war costs, and stimulus spending) were not repeated. Allowing one-time costs to be, uh, one-time does not constitute "tough cuts."
Tough cuts are when we knock government spending back down to 19-20 percent of GDP. Clinton level spending in exchange for Clinton tax rates. That's my proposed deal.