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Don't expect sudden cash windfalls (from high commodity prices, for instance) to last, plan your spending cuts strategically, cut back on low priorities, but do not slash across the board.
ECONOMIST: World Bank
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He plans to cut back on naval shipbuilding, shrink our Air Force, and slash our ground forces.
WSJ: Mitt Romney: How I'll Respond to China's Rising Power
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Mr Bush's trade negotiator, Robert Zoellick, argues nevertheless that America is ready to slash subsidies if those countries with higher levels of support cut back proportionately more, to produce a level playing field.
ECONOMIST: Will there ever be a breakthrough?
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Of course, even if Russia doesn't agree to scale back its nuclear arsenal, Obama has already ensured that the US will slash the size of its own by refusing to fund its modernization.
CENTERFORSECURITYPOLICY: Avoiding an American ambush
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We need to go back to Clinton levels of taxation and we need to end the wars and slash defense spending.
FORBES: Paul Ryan��s Radical Budget
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He wants to slash profits tax from 30% to 15%, in part to lure back Icelandic companies registered offshore.
ECONOMIST: David Oddsson, Iceland��s Eurosceptic leader