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Backsliding Into the Deficit Ditch From Deficit to Surplus to Deficit Again Unified Surplus/Deficit in Billions of Dollars Prepared by the House Budget.

Published byHomer Sullivan Modified over 9 years ago

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Presentation on theme: "Backsliding Into the Deficit Ditch From Deficit to Surplus to Deficit Again Unified Surplus/Deficit in Billions of Dollars Prepared by the House Budget."— Presentation transcript:

1 Backsliding Into the Deficit Ditch From Deficit to Surplus to Deficit Again Unified Surplus/Deficit in Billions of Dollars Prepared by the House Budget Committee Democratic Staff2/2/04

2 More Accurate Estimate Shows Even Bleaker Budget Outlook CBO Baseline Prepared by the House Budget Committee Democratic Staff 2/2/04 CBO Baseline adjusted for President’s omitted costs 2002 Bush Budget 2005 Bush Budget Realistic Bush Budget

3 In 2003, Tax Cuts Accounted for the Majority of the Cost of Legislation Passed Since 2001 Source: Center on Budget and Policy Priorities and CBO2/13/04

4 Domestic Non-Homeland Discretionary Spending Only One-Sixth of Budget 2004 Outlays Prepared by the House Budget Committee Democratic StaffSource: CBO1/26/04

5 Defense, Homeland Security, and 9/11 Response Account for At Least 90 Percent of Funding Increases (NYC, Int’l, and Airline Relief) Prepared by the House Budget Committee Democratic Staff Source: Senate Budget Committee 1/26/04

6 Defense Increases During Bush Administration (National Defense Discretionary Budget Authority in Billions of Dollars) 2002200320042005200620072008200920102011 2002- 2011 CBO January Baseline 2001 321.8330.3338.9347.4356.3365.5374.9384.6394.5404.93619.0 Policy Increases Excluding Supplemental 20.751.861.172.083.294.2105.3108.7112.5116.4826.0 Iraq/OEF Supplemental 18.472.459.90.0 150.7 Total Increase 39.0124.2121.172.083.294.2105.3108.7112.5116.4976.7 Total Bush Defense Program 360.8454.5460.0419.4439.5459.7480.1493.3507.0521.34595.7 Prepared by the House Budget Committee Democratic Staff1/26/04

7 Trillions of Dollars2005-2014 2001 Tax Cut1.042 2002 Stimulus-0.070 2003 Tax Cut0.135 Make Above Tax Cuts Permanent1.233 AMT0.549 New Tax Proposals in 2005 Budget0.163 Subtotal3.051 Corresponding Debt Service0.722 TOTAL TAX AGENDA$3.773 The $3.8 Trillion Tax Agenda President’s Tax Proposals: Enacted, Proposed, and Hidden Source: CBO and Joint Committee on Taxation, AMT includes interaction with EGTRRA/JGTRRA permanence New Tax Proposals are OMB estimates, do not include AMT Updated 3/10/04

8 Tax Cuts Larger than Social Security and Medicare Deficit Combined Prepared by the House Budget Committee Democratic StaffSource: Center on Budget and Policy Priorities 3/9/04 Social Security 3.7

9 Receipts Are Way Down; Spending Remains Low Prepared by the Democratic Staff of the House Budget Committee; Source: FY 2005 Budget02/04/04 REAGANBUSH ICLINTONBUSH II

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