Indeed, if non-discretionary spending transfers to the regions, interest payments and so on is excluded, subsidies make up 51% of what is left, without even counting farm subsidies.
Charitable giving could well take a hit if only because other common deductions such as state and local taxes, mortgage interest or even medical costs are far less discretionary.
During the next decade, the Fed returned to Keynesian discretionary monetary policy, trying to steer the real economy to long term growth by manipulating interest rates, loosening when the economy seemed to turn down, tightening when this seemed to go too far and inflation started to rise.