1. Oct 23 – Gov – The Budget Agenda: Debrief Activity Notes: The Budget IOUSA Homework: Read and take notes on chapter 13.3 and 13.4 (461-469) Take Out: Pen/Pencil Notebook Budget Worksheet –Paragraph Explanation

2. Debrief Where did you cut the most? What was the cost (for the department, etc)? What challenges did you face in creating your spending plan? Anything you didn’t expect? Anything you found especially surprising or frustrating? What was most expensive? What did you increase?

3. Debrief Which department deals with Medicare/Medicaid? FEMA/Secret Service? Immigration? Biggest expense for the Treasury?

4. Taxes, Entitlements, and Economic Policy Where the Money Comes From And Where it goes…

6. FY2012 Income and Outlays Income Tax Payroll Tax Borrowing (Bonds)

8. Entitlements Entitlements (uncontrollables) –Federal money that is Provided to those who meet eligibility requirements Is automatically spent each year without Congressional review –Examples: Social Security, Medicare, Federal Pensions Account for more than 2/3 of the federal budget –So how do we balance the budget?

12. IOUSA: Solutions As you watch, make a “To Do List” for solutions for the budget crisis. To do –For you –For Congress –For others (Interest groups, industries, etc.) What will Republicans have to give up? What will Democrats have to give up?

13. Deficits and Surpluses in Constant Dollars as percentage of GDP (in billions)

14. Current Stats The national debt on November 18, 2013: $17,074,260,390,145 Your share of the national debt: $53,766 But that’s not as bad as the 1,239,582,053,932 last year 795,328,011,625 more than last year at this time!

16. $ 1,239,582,053,932.00

17. What have we done? Budget Control Act of 2011 –Budget Supercommittee –Sequester

18. Budget deficits, projected through 2022. The "CBO Baseline" shows the effects of the fiscal cliff under current law. The "Alternative Scenario" represents what would happen if Congress extends the Bush tax cuts and repeals the Budget Control Act-mandated spending reductions beyond the end of 2012.