The excitement over "deficit reduction" is simply focused on the fact that the Federal government reduced the initial deficit $40 billion, from $295 billion to $254 billion. Moreover, this "reduction" doesn't include the final S & L bailout or the $1 billion a month we are spending in the Persian Gulf.
Time magazine exclaimed that this was "a significant step toward controlling the deficit." The former director of the Congressional Budget Office, Rudolph Penner, sighed that the "reduction" was "just noise."
The best moment in the budget charade occurred when President Bush shut down the Federal government. It was like an idealistic flash from a Randian novel. Though the shut-down was not an innovation in Bush Administration policy, both parties (so hard to tell apart these decades) should be able to see the simple beauty of the shut-down. Sure.
For example, just as a start, we could erase the entire 1991 deficit by selling-off to productive hands the assets of the Postal Service, National Airports, TVA, Air traffic control, Utility administrations,federal lands, federal loan portfolio, and Amtrak.
This is the sort of thing people outside of civil government mean by deficit reduction. DMJ