If it was passed, this would be a very small amount in relation to the bigger money picture. Like rearranging the deck chairs on the Titanic. Do something that might make a real difference in the long run.
What exactly would you propose, going after social security? Tax cuts are a large part of why we are in deficits. Now you might propose something like ending the wars (Ron Paul actually said he could massively reduce the deficits with no Social Security cuts). I would definitely agree with ending the wars, but I'm not sure even it is without economic consequences, see I think they have decided to conquest the whole middle east for oil for strategic reasons (really better than green energy and conservation? really? is it really really what we want? was the choice ever given? who bought out that choice - Exxon?) Maybe in order to save revenues abolish homeland security? That I would like to see . Hey in order to save money on the deficits we would like to get rid of fascist policies ... wouldn't that be nice. But maybe even fascist policies are strategic :\ Anyway is anyone proposign this? (besides Paul)

Now to some extend the government may not need any of our taxes at all and can keep spending, when it can just print money afterall, but hmm .... it's doing it to some degree and well it did it for the banks (not TARP, what the Fed did).