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I agree that we have to get really hard core regarding the amount of money that flows out of the government with no real benefit. Part of that is wrapped up in the tax system. Why have lower taxes for capital gains or carried interest it makes no sense when you have a deficit like ours.
As far as the mortgage deduction it will probably be phased out over time starting with second homes and mortgages over X amount and then there will be a drop dead date where it will not be available for any new home purchase.
One of the few things I liked about the President's remarks the other day was when he said everyone wants the deficit cut until it touches on of their perks. Until we get over that mentality I think this is going to be a slow painful process.
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