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There's no need to increase taxes. Just don't renew the bush tax cuts.
Combine that with winding down the war on brown people and we may well have a reasonably fiscally sound government one day.
A message from Mitch McConnell:
But hey this was the freewheeling 90's, probably too much hookers and blow had made him think he was a Socialist for a moment.
http://www.huffingtonpost.com/2011/08/11/mitch-mcconnell-tax-the-rich-medicare-cuts_n_924395.html