By: John, Matt, Tray, and Sam. Background Deficit is the amount of money the US owes other countries in debt. National debt is currently 16 trillion dollars.

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Presentation transcript:

By: John, Matt, Tray, and Sam

Background Deficit is the amount of money the US owes other countries in debt. National debt is currently 16 trillion dollars. The current deficit came from government overspending.

Where our money comes from 42% individual income taxes 31% social insurance 12% corporate income taxes 6% other taxes and duties 9% budget deficit That means major corporations are paying less taxes than the average adult!

Where Our Money Goes During a war, spending goes up. At the end of World War II, the deficit had gone up 110% since The wars in Pakistan Afghanistan and Iraq have cost 3.2 trillion dollars.

Impacting the future If our debt keeps growing, taxes will go up for future generations. Our generation is going to have to be the ones to fix it The debt can affect our economy as well as our individual lives

Political views Republican Views Senator Scott Brown Would like to pass a law forcing Congress to balance a budget every year. He would like to stop the deficit. Some republicans, however don’t want to increase taxes to lower the deficit Democratic Views President Obama would like to pass a law raising taxes to lower the deficit, easing the National Debt. Most Democrats agree with him on this issue.

Federal Debt since 1800

Citations +_Economy.htm png Iraq_War