2 D ISCRETIONARY S PENDING A UTOPILOT S PENDING TOTAL SPENDING FY 2013 = $3.55 TRILLION.

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Presentation transcript:

2 D ISCRETIONARY S PENDING A UTOPILOT S PENDING TOTAL SPENDING FY 2013 = $3.55 TRILLION

3 TOTAL RECEIPTS 2013 (in Billions)

FEDERAL SPENDING VS. SEQUESTRATION

SEQUESTRATION VS. PRESIDENT’S TAX HIKES

SPENDING IS THE PROBLEM

WHERE IS OUR MONEY GOING? (G OVERNMENT S PENDING AS A S HARE OF E CONOMY ) S OURCE : CBO

8 PROJECTED DEFICIT PATHS ( IN B ILLIONS OF D OLLARS )

H EALTH C ARE C OSTS ARE THE P RIMARY D RIVER OF THE D EBT (G OVERNMENT S PENDING AS A S HARE OF E CONOMY )

H OUSE P LAN F OR F ULL R ECOVERY The Path To Prosperity Efficient, Effective and Responsible Government Strengthening the Social Safety Net Fulfilling the Mission of Health and Retirement Security for All Americans Pro-Growth Tax Reform

T OTAL G OVERNMENT S PENDING ( AS A S HARE OF E CONOMY )

A C HOICE OF T WO F UTURES (D EBT AS A S HARE OF E CONOMY )

WHAT IS NEXT?  President’s budget deadline: February 4  Sequester cuts hit: March 1  “Continuing resolution” expires: March 27  Budget deadline for House and Senate: April 15  Debt limit reached: May 19

FOUR YEARS LATER Source: House Ways and Means Committee January 2009January 2013

OUR NATIONAL DEBT

REFERENCE MATERIALS

TAX REVENUES DO NOT CORRELATE WELL WITH TAX RATES

TAX REVENUES ARE HIGHLY CORRELATED WITH GDP

W HO B ENEFITS F ROM T AX L OOPHOLES A VERAGE PER P ERSON B ENEFIT B Y C ATEGORY OF E ARNERS

WHO BEARS THE TAX BURDEN? (SHARE OF INCOME TAX BURDEN)

W HO O WNS O UR D EBT ? (D EBT H ELD BY P UBLIC, )

BCA = SEQUESTERATRA = FISCAL CLIFF BILL HOW THE FISCAL CLIFF AND SEQUESTER AFFECTS OUR DEBT

T OTAL S PENDING IN FY 2010 = $3.5 T RILLION (O UTLAYS IN B ILLIONS OF D OLLARS )