the campaign to fix the debt
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The Campaign to Fix the Debt. - PowerPoint PPT PresentationTRANSCRIPT
The Campaign to Fix the Debt
*Projections based on CRFB calculations of CBO Alternative Fiscal Scenario. Generally assumes current law, with the following exceptions: all expiring income and estate tax cuts and AMT patches are extended, scheduled cuts to Medicare physicians are waived, scheduled sequester cuts are waived, revenues and non-entitlement spending grow at the same rate as the economy after 2022, and cost-saving measures from the Affordable Care Act are only partially successful over the long-term.
We need $4 trillion in savings this decade.
Projected Debt
A comprehensive debt plan will help stabilize debt as a share of the economy
Discre
tionar
y
Health
Care
Social
Secu...
Other
Spe..
.
Reven
ue
Intere
st
Seques
ter
$0
$500
$1,000
$1,500
$2,000
$2,500
Simpson-Bowles RecommendationsEnacted Savings
Simpson-Bowles: $4 trillion in deficit reduction recommended
To date: $1.3 trillion in reduction and $1 trillion in mindless cuts
The average American will earn $9000 more per year if we fix the debt
Source: CBO, Alternative Fiscal Scenario and Current Law Data