Pulling Back the Curtain: How Fix the Debt is Fixing the Game

The Campaign to Fix the Debt Who are they? Over 80 CEOs & former legislators Raising $60 million for a public relations campaign and massive lobbying effort to influence budget talks in their own favor.

The Campaign to Fix the Debt What do the say they want? Balanced Approach to Solve Our Debt Crisis Make the US More Competitive Common Sense Entitlement Reform

The Campaign to Fix the Debt What do they really want? Balanced Approach to Solve Our Debt Crisis Make the US More Competitive Common Sense Entitlement Reform Austerity Lower Corporate Tax Rates and Pay $0 on all Foreign Profits Cut Social Security and Medicare to Pay for It

The Campaign to Fix the Debt Talking Points of Fix the Debt & “Cuts are good for the economy!” “People are living longer” “We need reform for young people” “There is a crisis in Social Security!”

Lloyd Blankfein from Goldman Sachs & Fix the Debt CEO Council Member, 2012 Salary: $22 million 1 st Quarter 2013 profits of Goldman: $2.2 BILLION Lloyd Blankfein on Social Security: “…people have to lower (their) expectations of what they’re going to get …because you’re not going to get it”

The Campaign to Fix the Debt How are they trying to get it? “Normal” Budgeting Process Debt Ceiling Negotiations Grand Bargain

Normal Budget Process

What’s in the budgets on the table? Public Opinion: What Do Americans Want? President ObamaRep. Paul Ryan & the House Budget Committee Sen. Patty Murray & the Senate Budget Committee Corporate Taxes 64%want to see corporations pay more in taxes, while 73% want to prevent corporations from avoiding taxes by shifting profits overseas. 73 Proposes no new taxes on corporations. Would close some tax loopholes and lower tax rates, raising no new tax revenue from corporations. Reduces the top corporate tax rate from 35% to 25% and releases ALL overseas profits from U.S. taxation. Close loopholes that allow corporations to avoid taxes with offshore operations. Where is Fix the Debt Getting What They Want?

What’s in the budgets on the table? And Where is Fix the Debt Getting What They Want? Public Opinion: What Do Americans Want? President ObamaRep. Paul Ryan & the House Budget Committee Sen. Patty Murray & the Senate Budget Committee Social Security 88% say it’s very important to preserve the long- term stability of Social Security. Proposes changing cost-of-living adjustments using“chained CPI” to reduce benefits Requires the president and Congress to submit plans for the long- term financial outlook of SS. No proposed changes. Medicare 88 percent88 percent say it is very important to preserve the long- term stability of Medicare. Negotiates for lower prescription drug prices and raises premiums on upper income retirees, among other changes, Beginning in 2024 would privatize Medicare. Saves $275 billion over 10 years by accelerating health care reforms that reward quality of care rather than pay fee-for-service.

Debt Ceiling Debate…Again… We’ll be up against the ceiling again over the summer Congress enacted a law that says our debt can only hit a certain level, after that they must either “raise the ceiling” or shut down the government “We’ll use it as leverage” – Rob Portman R- OH

The Grand Bargain Fix The Debt House David Camp, R-MI Senate Baucus, D – MT Tax code overhaul – lowering corporate taxes and sticking us with the bill Simplify! = Lower Corporate taxes Sustainable! = Cut our earned benefits