AMERICAN FREEDOM & PROSPERITY Congressman Pete Sessions 32 nd District of Texas What’s Happening in Washington, D.C.? February 2010 Washington, DC Office 2233 Rayburn HOB Washington, DC (202) Dallas, TX Office Park Central VII Merit Drive, Suite 1434 Dallas, Texas (972)

2 Population: Urban areas house half of all the world’s people, and continue to grow in both rich and poor countries. The World in Numbers: THE WORLD IS SPIKY by Richard Florida Map by Tim Gulden, University of Maryland. From Richard Florida, “The World is Spiky,” The Atlantic Monthly, October 2005

3 The World in Numbers: THE WORLD IS SPIKY by Richard Florida Patents: Just a few places produce most of the world’s innovations. Innovation remains difficult without a critical mass of financiers, entrepreneurs, and scientists, often nourished by world-class universities and flexible corporations. Map by Tim Gulden, University of Maryland. From Richard Florida, “The World is Spiky,” The Atlantic Monthly, October 2005

4 American Freedom and Prosperity Current Debt: $12.3 trillion New Debt Ceiling: $14.3 trillion Record Deficit for FY2009: $1.4 trillion, over 3 times the 2008 record Unemployment: 9.7% (2009 average = 9.3% and up to record 10.2%) Texas Unemployment over 12 months: increased from 5.7% to 8.3% National unemployment since December 2007: 7.6 to 14.8 million Where are we now?

5 American Freedom and Prosperity Source: Committee on the Budget Current Debt: $12,278,636,000,000 Source: Treasury Department; Monthly Statement of Public Debt 01/31/2010

6 American Freedom and Prosperity FY 2009 Record Deficit: $1,417,086,000,000 Source: Treasury Department; Financial Management Service, Monthly Treasury Statement Source: Committee on the Budget

7 American Freedom and Prosperity FY 2009 Record Deficit: $1,417,086,000,000 Source: Treasury Department; Financial Management Service, Monthly Treasury Statement Source: Committee on the Budget

8 American Freedom and Prosperity Record Unemployment: 9.3% Average for 2009 Source: Labor Department, Bureau of Labor Statistics Source: Joint Economic Committee with data from Bureau of Labor Statistics

9 American Freedom and Prosperity Change in Unemployment From a Republican to Democrat Congress

10 American Freedom and Prosperity Change in Unemployment From a Republican to Democrat Congress

11 American Freedom and Prosperity Change in Unemployment From a Republican to Democrat Congress

12 American Freedom and Prosperity Record Spending “Starting in 2011, we are prepared to freeze government spending for three years.” - President Obama (SOTU, 01/19) Source: Committee on the Budget

13 American Freedom and Prosperity Record Spending Newly released FY 2011 Presidential Budget Spends too much: record $3.8 trillion in spending Taxes too much: more than $2 trillion in tax hikes Borrows too much: record budget deficit of $1.6 trillion for a total of $14 trillion of inherited by our children and grandchildren.

14 American Freedom and Prosperity FY 2011 Budget: $468 billion in new taxes on American businesses US-based multi-national firms will face $122.2 billion in tax increases over the next decade. Not only will this tax destroy jobs and reduce investment, it will result in American businesses moving their headquarters to lower-tax countries.

AMERICAN FREEDOM & PROSPERITY Congressman Pete Sessions 32 nd District of Texas “What’s Happening in Washington, D.C.?” February 2010 Washington, DC Office 2233 Rayburn HOB Washington, DC (202) Dallas, TX Office Park Central VII Merit Drive, Suite 1434 Dallas, Texas (972) To receive my weekly newsletter, please visit my website at

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17 Economic Policy SHOULD: Allow American families to keep their hard-earned money. Create and protect jobs. Provide incentives to spur business investment. Ensure stability in the financial markets. Preserve the American legacy of leaving the next generation in a better position than the current generation inherited. American Freedom and Prosperity Economics 101

18 American Freedom and Prosperity Record Taxing Increases Taxes by $2.3 Trillion over 10 years $969 billion: 2001 and 2003 tax cuts to expire. $743 billion: Government takeover of health care. $262 billion: Miscellaneous taxes. $122 billion: U.S. International tax rules and enforcements. $90 billion: “Financial crisis responsibility fee” on financial institutions. $59 billion: Repeal of last-in, first-out inventory practices. $39 billion: Repeal of tax credits for energy production (gas, oil, coal). $24 billion: Carried interest tax over doubles from 15% to 39.6%.

19 American Freedom and Prosperity Record Spending Spending Increases by 2020 Interest Payments on Debt: increases $653 billion; 349.2% Discretionary Spending: increases $265 billion; 21.7% Mandatory Spending: Medicare: increases $528 billion; 124.2% Medicaid: increases $236 billion; 94% Social Security: increases $523 billion; 77.1%

20 American Freedom and Prosperity Current Debt: $12,278,636,000,000 Source: Treasury Department; Monthly Statement of Public Debt 01/31/2010 Source: Committee on the Budget

21 American Freedom and Prosperity FY 2009 Record Deficit: $1,417,086,000,000 Source: Treasury Department; Financial Management Service, Monthly Treasury Statement Source: Committee on the Budget

22 American Freedom and Prosperity Record Spending Sessions Amendment to Freeze Spending – Feb. 2, 2010 : First opportunity to enforce President’s freeze after SOTU Amendment would have frozen two grant programs in the Cybersecurity Enhancement Act Every Democrat voted “NO” in the Rules Committee. Of the 26 amendments submitted, this freeze was the only one not allowed for floor debate

23 The World in Numbers: THE WORLD IS SPIKY by Richard Florida Scientific Citations: The world’s most prolific and influential scientific researchers overwhelmingly reside in U.S. and European cities. Map by Tim Gulden, University of Maryland. From Richard Florida, “The World is Spiky,” The Atlantic Monthly, October 2005

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