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- 1. CRFB.org
- 2. CRFB.org Percent of GDP Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 1 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Underlying Debt-to-GDP Recession Responses Major Tax Cuts +28% +37% +33%
- 3. CRFB.org Percent of GDP Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 2 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% +77% +12% +8% Bipartisan Underlying Debt-to-GDP
- 4. CRFB.org Percent of GDP Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 3 -7% -6% -5% -4% -3% -2% -1% 0% 1% 2% FY 2001 Surplus Higher Spending Lower Revenue FY 2023 Deficit 1.2% Other Taxes +1.1% Discretionary Health Care Social Security -5.0% (6.3%) Other Mandatory -2.5% Net Interest Individual Income Taxes Other Taxes
- 5. CRFB.org Percent of GDP Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 4 98% 50% 6% 0% 20% 40% 60% 80% 100% Constant Revenue Constant Primary Spending Constant Revenue & Primary Spending Actual Debt-to-GDP
- 6. CRFB.org Billions of Dollars Sources: Congressional Budget Office, Treasury Department, and Committee for a Responsible Federal Budget. Figure 5 -$128B $720B -$150B $650B $1.1T $100B $1.7T -$500 $0 $500 $1,000 $1,500 $2,000 Actual FY 2001 Surplus Constant Revenue Constant Primary Spending Without Major Tax Cuts Without Major Spending Without Major Tax Cuts & Spending Actual FY 2023 Deficit
- 7. CRFB.org Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 6 Baseline Concept Savings (FY 2001-2023) Debt Impact (FY 2023) Nominal Freeze at FY 2001 Level $11.9 trillion -54% of GDP CPI-U Growth from FY 2001 Level $7.6 trillion -35% of GDP CPI-U Growth in First Decade, then GDP Growth $5.9 trillion -28% of GDP CPI-U Plus Population from FY 2001 Level $5.0 trillion -24% of GDP GDP Growth from FY 2001 Level $2.9 trillion -15% of GDP
- 8. CRFB.org Sources: Congressional Budget Office and Committee for a Responsible Federal Budget. Figure 7
- 9. CRFB.org