Budget Background

“I’m proposing real, serious cuts in spending… All told, this plan cuts $2 in spending for every dollar in new revenues.” – President Obama unveiling his deficit plan, September 19, 2011

$1.4 trillion

Actual deficit reduction through 10 years under the president’s plan, less than half the amount promised

Zero

Percent of deficit reduction that comes from spending cuts

$1.6 trillion

Net tax increase over 10 years

$146 billion

Spending increase over 10 years above current law levels

$9.7 trillion

Additional gross debt that would accumulate over 10 years

$1.3 trillion

Projected deficit in 2012, a $300 billion increase over OMB's last projection

$293 billion

Medicare "Doc Fix" cost that is assumed but not paid for

$565 billion

Projected deficit in 2021

24

Federal spending as a percent of GDP in 2021, a stunning 18 percent increase in the size of government relative to the historical average

$47 trillion

Total projected federal spending over 10 years

9.1

Percent of workforce currently unemployed

24.9

Millions of Americans unemployed and underemployed

25

Months during Obama presidency that the unemployment rate has been above 9 percent

“The White House is trying to be clever at the expense of being credible… This plan is gimmick piled upon gimmick, adding up to little more than a tax hike camouflaged as fiscal restraint.” – Ranking Member Jeff Sessions