1. I remember when there was a government study to root out "waste, fraud, and abuse" and to make the government more efficient and effective, called the "Grace Commission". Their policy recommendations were ignored.
en.wikipedia.org
The report said that one-third of all income taxes are consumed by waste and inefficiency in the federal government, and another one-third escapes collection owing to the underground economy. "With two thirds of everyone's personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services that taxpayers expect from their government."
2. As for enough revenue being generated, nope, not now. The interest on the Debt is consuming too much revenue, and the DC morons keep borrowing more. But your point about cutting spending is spot on.
3. If Republicans don't get significant Budget Cuts in January, the fiscal war is over. The US dollar will collapse. The party is officially over, the punch bowl needs to be removed. Trump's Budgets were about $4T, Biden's Budgets are about $7T. That is insanity.
4. Its not "incompetence" that we're in this mess, its just the way politics works. A government shutdown in January may be part of the answer. Only fund what is actually essential.