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Where We Stand: America’s Fiscal State and the Road To a Full Recovery

Where We Stand: America’s Fiscal State and the Road To a Full Recovery. TOTAL SPENDING FY 2013 = $3.55 TRILLION. Discretionary Spending. Autopilot Spending. TOTAL RECEIPTS 2013 (in Billions). FEDERAL SPENDING VS. SEQUESTRATION. SEQUESTRATION VS. PRESIDENT’S TAX HIKES.

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Where We Stand: America’s Fiscal State and the Road To a Full Recovery

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  1. Where We Stand:America’s Fiscal State and the RoadTo a Full Recovery

  2. TOTAL SPENDING FY 2013 = $3.55 TRILLION Discretionary Spending Autopilot Spending

  3. TOTAL RECEIPTS 2013 (in Billions)

  4. FEDERAL SPENDING VS. SEQUESTRATION

  5. SEQUESTRATION VS. PRESIDENT’S TAX HIKES

  6. SPENDING IS THE PROBLEM

  7. WHERE IS OUR MONEY GOING?(Government Spending as a Share of Economy) Source: CBO

  8. PROJECTED DEFICIT PATHS(in Billions of Dollars)

  9. Health Care Costs are the Primary Driver of the Debt(Government Spending as a Share of Economy)

  10. House Plan For Full Recovery The Path To Prosperity • Efficient, Effective and Responsible Government • Strengthening the Social Safety Net • Fulfilling the Mission of Health and Retirement Security for All Americans • Pro-Growth Tax Reform

  11. Total Government Spending (as a Share of Economy)

  12. A Choice of Two Futures(Debt as a Share of Economy)

  13. WHAT IS NEXT? • President’s budget deadline: February 4 • Sequester cuts hit: March 1 • “Continuing resolution” expires: March 27 • Budget deadline for House and Senate: April 15 • Debt limit reached: May 19

  14. FOUR YEARS LATER January 2009 January 2013 Source: House Ways and Means Committee

  15. OUR NATIONAL DEBT

  16. REFERENCE MATERIALS

  17. TAX REVENUES DO NOT CORRELATE WELL WITH TAX RATES

  18. TAX REVENUES ARE HIGHLY CORRELATED WITH GDP

  19. Who Benefits From Tax LoopholesAverage per Person Benefit By Category of Earners

  20. WHO BEARS THE TAX BURDEN? (SHARE OF INCOME TAX BURDEN)

  21. Who Owns Our Debt?(Debt Held by Public, 1970 -2011)

  22. HOW THE FISCAL CLIFF AND SEQUESTER AFFECTS OUR DEBT BCA = SEQUESTER ATRA = FISCAL CLIFF BILL

  23. Total Spending in FY 2010 = $3.5 Trillion (Outlays in Billions of Dollars)

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