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I'll try to answer the question, but I don't know what you mean by revenues being short by 39 billion, or even expected to be twice that. For Social Security, revenues from taxes collected always have been greater than payouts for Social Security payments. The system itself would very sound, into the foreseeable future, if it had been simply left to its original purpose. But because it hadn't been left alone, the current trends based on demographics suggest that there will be a major problem in a few years down the road. That time has not come yet, so I'm not sure what your numbers are referring to.

But anyway, back to your question. The answer is political compromise. The country was in a situation where if nothing was done, the laws in place would automatically increase taxes on everybody, and at the same time cut off unemployment benefits for many of the people who were hit hardest by the recession. Without going into all of the details, the Democrats insisted on one set of solutions, and the Republicans insisted on a completely different set of solutions. Given the political realities involving the balance of power, neither side was going to get enough votes to have it's solution voted into law. Without a new law, the automatic tax increases and the unemployment benefit cutoff would take place. By compromising, a new law that satisfied neither side, but was preferable to doing nothing, went into effect.

Many people were upset about it. But from what I have heard, most economists agree with the solution, compared to the alternative. The reason is that there is more to consider than just the deficit. The economy has been slow to recover, especially jobs. A large increase in taxes on everybody would make the situation much worse. Basically, jobs and production was considered, under the circumstances, to be a more urgent problem than the deficit. Without jobs and income, tax revenues cannot really increase to deal with the deficit. But if jobs and consumer demand are created first, then incomes will rise, which will push people into higher tax brackets, and more payroll taxes will be available to pay into the Social Security fund.

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