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...
Cost of Bush Tax Cuts Explodes
  Outside Five-Year Budget Window
       ($ in billions)




$300




$200
                ...
Cost of AMT Reform Explodes
     Outside Five-Year Budget Window
        ($ in billions)
 $160



 $140



 $120



 $100
...
Long-Term Costs Underfunded for
Ongoing Operations in Iraq, Afghanistan,
    and Continuing War on Terror
        ($ in bi...
Bush Budget Provides No
           Funding for President’s
            Social Security Plan
      ($ in trillions)
 $5

  ...
Bush Budget Hides
         Worsening Budget Outlook
        ($ in billions)

             $236 B
$250




 $50


         ...
Bush Budget Spends Every Penny of
         $2.6 Trillion Social Security Surplus
            on Tax Cuts and Other Things
...
Publicly-Held Debt
         Under Bush Budget with Tax Cuts Made Permanent,
          AMT Reform, Ongoing War Costs, and w...
Top Ten Countries Holding Our
              National Debt
        Japan                         $715 B
        China      ...
Upcoming SlideShare
Loading in …5
×

packet_fy2006BudgetRelease020705

619 views

Published on

Published in: Business, News & Politics
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
619
On SlideShare
0
From Embeds
0
Number of Embeds
26
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

packet_fy2006BudgetRelease020705

  1. 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. 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 $0 2005 2007 2009 2011 2013 2015 Source: OMB, Bush FY 2006 Budget Note: Includes debt service. Feb 7
  3. 3. Cost of AMT Reform Explodes Outside Five-Year Budget Window ($ 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 $0 2005 2007 2009 2011 2013 2015 Source: CBO Note: Includes interest cost, assumes tax cuts made permanent.
  4. 4. Long-Term Costs Underfunded for Ongoing Operations in Iraq, Afghanistan, and Continuing War on Terror ($ 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 $0 Amount in Bush Budget for CBO Estimate of Cost of Ongoing Military Operations in Ongoing Military Operations FY 2005 FY 2006-2015 Source: OMB, CBO
  5. 5. Bush Budget Provides No Funding for President’s Social Security Plan ($ in trillions) $5 $4.5 T $4 $3 $2 $754 B $1 $0 $0 Phased-In Cost of 20-Year Cost of Amount Provided in Bush Budget for President’s Social President’s Social President’s Social Security Plan During Security Plan After Full Security Plan First Ten Years Implementation FY 2006-2015 FY 2009-2028 Source: OMB, CBPP
  6. 6. Bush Budget Hides Worsening Budget Outlook ($ 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. 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 $0 2006 2009 2012 2015 Source: CBO
  8. 8. Publicly-Held Debt Under Bush Budget with Tax Cuts Made Permanent, AMT Reform, Ongoing War Costs, and with Social Security Privatization Transition Costs Borrowed ($ 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. 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

×