Almost all Americans will agree… There is one thing America does best…. Nothing….

Well, actually in this case, that might be a good thing…. For in Congress’s naturally tendency to play it both ways all the time, whenever they enacted legislation, the also set in stone a date for it to expire…. So if Congress does nothing, the automatic policies go into effect and we have a $7.1 trillion deficit busting package signed, sealed, delivered right to Americans… almost as efficiently as an order off Ebay….

Hats off to Cassandra for pulling out this nugget….. Here is the source, and here is the savings….

● $3.3 trillion from letting temporary income and estate tax cuts enacted in 2001, 2003, 2009, and 2010 expire on scheduled at the end of 2012 (presuming Congress also lets relief from the Alternative Minimum Tax expire, as noted below);

● $0.8 trillion from allowing other temporary tax cuts (the “extenders” that Congress has regularly extended on a “temporary” basis) expire on scheduled;

● $0.3 trillion from letting cuts in Medicare physician reimbursements scheduled under current law (required under the Medicare Sustainable Growth Rate formula enacted in 1997, but which have been postponed since 2003) take effect;

● $0.7 trillion from letting the temporary increase in the exemption amount under the Alternative Minimum Tax expire, thereby returning the exemption to the level in effect in 2001;

● $1.2 trillion from letting the sequestration of spending required if the Joint Committee does not produce $1.2 trillion in deficit reduction take effect; and

● $0.9 trillion in lower interest payments on the debt as a result of the deficit reduction achieved from not extending these current policies.

How does a zero balanced deficit in ten years sound?

If Congress does absolutely nothing, something they’re good at, we’ll have it….