Read here what Dean Baker, Co-Director of the Center for Economic and Policy Research, has to say about the deficit. (Namely that the hugeness is largely the result of the recession, not particularly any spending or tax cuts or programs.)
Nevertheless, if we ever get our economy back on track (highly unlikely when we start massively cutting programs that create jobs), the Bush Tax Cuts and unpaid wars and the drug program for Big Pharma will still leave us with trillions to pay back.
Can even the business community or the tiny group of at least partially sane Republicans in Congress rein in the Tea Screamers? I don't think so. Frankenstein's monster is out of control and turning on its creator.
No matter how you slice it, the current budget-cutting mania in Congress is absurd and counterproductive. Since our democracy is incapable of providing feedback correction in time, all we can do is sit back and let the farce play itself out.