Spending in 2015 would total $3.901 trillion under the President’s spending policies, an increase of nearly 8 percent ($279 billion) above today’s levels. This is $114 billion more than the OMB baseline, which assumes compliance with the Budget Control Act (BCA) as revised by the Ryan-Murray spending agreement.
The President’s budget recommends $1.759 trillion in higher revenues over the next 10 years. The budget also assumes $1.386 trillion in higher revenues from generous economic assumptions that have inflated the President’s revenue baseline. The total difference between the new revenues included in the President’s budget and the CBO baseline is $3.145 trillion over 10 years.
Despite the higher revenue, gross federal debt, which includes amounts owed to the Social Security and Medicare trust funds, will climb from $16.7 trillion at the end of 2013 to $25.0 trillion at the end of 2024.
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