Here's a way to cut $1 Trillion from the Fed Budget

Center for American Progress recently released a report entitled “Cut Spending in the Tax Code” where we identified almost two dozen different expenditures worth up to $1 trillion over 10 years that should be the first to go. These are the low-hanging fruit. For example, we identified three groups of tax expenditures as particularly ripe for the picking:

• The more than $40 billion in oil and gas subsidies
• The subsidy for hedge fund and private equity managers
• The deduction for vacation home loans

There is no justification whatsoever for these tax-enabled spending programs. And there are plenty of other such spending programs in our tax code. (see table)

http://www.americanprogress.org/issues/2011/06/conservatives_tax_breaks.html