Neither of those numbers include any state revenue or tax.
US collects about $12Trillion in taxes total (30% ish of GDP), under $2trillion of that is given to the federal government for medicare, medicade and the military, they spend more than $5trillion, which is what they spend on medicare, medicade the military and the interest on the $37Trillion debt they have accumulated spending more than they were given by the states for medicare medicade and the military - mostly bank and insurance fund bailouts to prop up the failed US financial system, adding about $3trillion to the federal debt each year, which is why it has gone from $30trillion at the end of 2022, to $37trillion now.
Getting downvoted because I do my own research instead of believing the latest gormless chatbot, that's new.
My understanding is that's nowhere near enough.
The USA deficit is $1.8 Trillion a year with $30T total. The net worth of all USA billionaires is around $4.5T. So 5% would reduce the deficit by 10% until the billionaires wise up and move their wealth out of the country.
Even confiscating it all in a one-off pile reduces the national debt by about 15%.
https://en.wikipedia.org/wiki/Starve_the_beast
It's pretty clever in its cruelty: Once you have cut taxes, it essentially doesn't matter which party wins the next election: The have to gut expenditures anyway.
See the current Labour government in the UK, who would very much like to spend money on government initiatives but can't because the Tories made sure there was nothing left.
Elect US senators and Representatives to go to the floor and debate about individual programs on CSPAN so people can actually hear arguments about it.
This is why, for example, the ISS didn't get cut, but the SSC did. Both were huge science programs that cost tens of billions of dollars and Clinton's administration explicitly wanted to keep both programs but the voting public, through senators and house reps, including democrat members of both forced them to pick only one.
Uh, we didn't. Even in the “balanced budget” years 1998-2001, the debt increased.
Unless you mean reducing the debt to GDP ratio, which we did in parts of the 1990s, and some periods since, but that's not much explained by the spending control methods you discuss, but by growing the economy.
