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packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
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packet_fy2006BudgetRelease020705

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  • 1. What’s Left Out of Bush Budget Y Full 10-Year Numbers Y Funding for Ongoing Iraq Costs Beyond FY 2005 Y AMT Reform Y Social Security Privatization Transition Costs Y Spending Policy Details Beyond FY 2006 (Discretionary)
  • 2. Cost of Bush Tax Cuts Explodes Outside Five-Year Budget Window ($ in billions) $300 $200 $1.6 Trillion Ten-year cost of Bush tax cuts FY 2006-2015 Bush Budget only $100 covers first 5 years $0 2005 2007 2009 2011 2013 2015 Source: OMB, Bush FY 2006 Budget Note: Includes debt service. Feb 7
  • 3. Cost of AMT Reform Explodes Outside Five-Year Budget Window ($ in billions) $160 $140 $120 $100 Bush FY 2006 Budget $80 includes no funding for AMT Reform $774 billion ten-year $60 cost to reform AMT FY 2006-2015 $40 $20 $0 2005 2007 2009 2011 2013 2015 Source: CBO Note: Includes interest cost, assumes tax cuts made permanent.
  • 4. Long-Term Costs Underfunded for Ongoing Operations in Iraq, Afghanistan, and Continuing War on Terror ($ in billions) $383 B $400 $300 Bush Budget includes $81 billion for ongoing military operations in $200 Iraq, Afghanistan, and war on terrorism, and other items. $81 B $100 $0 Amount in Bush Budget for CBO Estimate of Cost of Ongoing Military Operations in Ongoing Military Operations FY 2005 FY 2006-2015 Source: OMB, CBO
  • 5. Bush Budget Provides No Funding for President’s Social Security Plan ($ in trillions) $5 $4.5 T $4 $3 $2 $754 B $1 $0 $0 Phased-In Cost of 20-Year Cost of Amount Provided in Bush Budget for President’s Social President’s Social President’s Social Security Plan During Security Plan After Full Security Plan First Ten Years Implementation FY 2006-2015 FY 2009-2028 Source: OMB, CBPP
  • 6. Bush Budget Hides Worsening Budget Outlook ($ in billions) $236 B $250 $50 Bush Deficits Bush Administration Over Ten Deficit Claim Years with $-150 Omitted Costs $-350 -$528 B $-550 2000 20042005 2006 2010 2015 1998 2002 2008 2012 2014 2000 2010 Source: OMB, CBPP Note: Deficit under Bush FY 2006 Budget extended over ten years w ith tax cuts m ade perm anent, AMT reform , ongoing w ar costs, and w ith President's Social Security plan.
  • 7. Bush Budget Spends Every Penny of $2.6 Trillion Social Security Surplus on Tax Cuts and Other Things FY 2006-2015 FY 2006-2015 ($ in billions) $304 B $300 $185 B $200 $2.6 Trillion Ten-Year Social Security Surplus $100 $0 2006 2009 2012 2015 Source: CBO
  • 8. Publicly-Held Debt Under Bush Budget with Tax Cuts Made Permanent, AMT Reform, Ongoing War Costs, and with Social Security Privatization Transition Costs Borrowed ($ in trillions) $9.1 trillion in 2015 $8 $6 $3.3 trillion in 2001 $4 $2 2001 2005 2010 2015 Source: OMB Note: Bush FY 2006 Budget extended over ten years with tax cuts made permanent, AMT reform, ongoing war costs, and with Social Security privatization transition costs borrowed. privatization
  • 9. Top Ten Countries Holding Our National Debt Japan $715 B China $191 B United Kingdom $152 B “Caribbean Banking Centers” $76 B South Korea $69 B OPEC $61 B Taiwan $58 B Germany $56 B Switzerland $51 B Hong Kong $50 B Source: Department of Treasury Note: As of November 2004

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