Let’s hope confession is good for the soul. Here’s the shocking state of my ignorance about the US budget.

  • We have one
  • We’re running a large deficit.
  • A large portion of the budget is made up of fixed spending.
  • We spend way more than we need to on defense.
  • In the dysfunction that is characteristic of our political system, the Republicans and Democrats can’t agree on a way to lower the deficit.

If you know as little as I do, read

So What Is “Sequestration”? And More Importantly, What Do These Spending Cuts Mean for Hard-Working and Low-Income Families?

and watch the Washington Post video it links to.

Sequestration=automatic spending cuts in both the defense and non defense budget. Congress and the President agreed on sequestration as the default in August 2011. Sequestration will take effect in January 2013 unless Congress and the President act in a meaningful way to reduce the deficit.

I don’t know about you but obviously I have to get my head out of my ass.