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


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


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


Percent of workforce currently unemployed


Millions of Americans unemployed and underemployed


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