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President Obama's Deficit Plan

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THE PRESIDENT’S PLAN: $4 TRILLION
OF DEFICIT REDUCTION INCLUDING THE
LAST OFFER TO SPEAKER BOEHNER.
THE PRESIDENT HAS SIGNED INTO LAW
MORE THAN $2.5 TRILLION OF DEFICIT REDUCTION

Spending cuts to discretionary programs enacted over the past two years,                     $1.4 T
(not counting war savings)
New revenue from wealthiest in fiscal cliff deal                                              More than $600 B
Interest savings                                                                             More than $500 B
Subtotal, Deficit Reduction to Date                                                           More than $2.5 T

THE PRESIDENT’S LAST OFFER TO SPEAKER BOEHNER IS STILL ON TABLE:
MORE THAN $1.5 TRILLION IN ADDITIONAL DEFICIT REDUCTION

SPENDING REDUCTIONS


Even split between defense and non-defense discretionary savings:                            $200 B
    - Non-defense discretionary spending                                                     $100 B
    - Defense discretionary spending                                                         $100 B

Health savings – could be achieved by:
    - Reduce payments to drug companies
    - Reduce hospital payments such as reimbursement for patients who don’t pay
                                                                                             $400 B
                                                                                             $140 B
                                                                                             $30 B
                                                                                                      $ BILLIONS
    - Encourage efficient care after a hospital stay                                         $50 B
    - Encourage beneficiaries to seek high value health care
      and ask the most fortunate to pay more                                                 $35 B
    - Medicaid, Pay-for-Delay, IPAB, program integrity                                       $25 B
    - Other health savings                                                                   $120 B

Non-health mandatory savings – could be achieved by:                                         $200 B
    - Eliminate certain subsidies for agriculture                                            $30 B
    - Reform Federal retirement programs                                                     $35 B
    - Reform postal service and TSA passenger security fees                                  $40 B
    - Strengthen solvency of UI trust fund                                                   $50 B
    - Other savings including Spectrum Fees, Sales of Excess Property, & Program Integrity   $45 B

Spending savings from superlative CPI with protections for vulnerable                        $130 B

Subtotal, Total New Spending Reductions                                                      $930 B    +$200 B
                                                                                                        interest

REVENUE

Limit tax dedcutions to 28% for the wealthiest and close other loopholes                     $580 B +$100 B from
                                                                                                       CPI change

TEMPORARY GROWTH MEASURES

Immediate investments in infrastructure                                                      -$50 B

TOTAL DEFICIT REDUCTION
DEFICIT REDUCTION TO DATE                                                                    MORE THAN
                                                                                             $2.5 TRILLION

NEW DEFICIT REDUCTION                                                                        $1.8 TRILLION

TOTAL DEFICIT REDUCTION                                                                      MORE THAN
                                                                                             $4.3 TRILLION
FEBRUARY 22, 2013                         WHITEHOUSE.GOV/SEQUESTER

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President Obama's Deficit Plan

  • 1. THE PRESIDENT’S PLAN: $4 TRILLION OF DEFICIT REDUCTION INCLUDING THE LAST OFFER TO SPEAKER BOEHNER. THE PRESIDENT HAS SIGNED INTO LAW MORE THAN $2.5 TRILLION OF DEFICIT REDUCTION Spending cuts to discretionary programs enacted over the past two years, $1.4 T (not counting war savings) New revenue from wealthiest in fiscal cliff deal More than $600 B Interest savings More than $500 B Subtotal, Deficit Reduction to Date More than $2.5 T THE PRESIDENT’S LAST OFFER TO SPEAKER BOEHNER IS STILL ON TABLE: MORE THAN $1.5 TRILLION IN ADDITIONAL DEFICIT REDUCTION SPENDING REDUCTIONS Even split between defense and non-defense discretionary savings: $200 B - Non-defense discretionary spending $100 B - Defense discretionary spending $100 B Health savings – could be achieved by: - Reduce payments to drug companies - Reduce hospital payments such as reimbursement for patients who don’t pay $400 B $140 B $30 B $ BILLIONS - Encourage efficient care after a hospital stay $50 B - Encourage beneficiaries to seek high value health care and ask the most fortunate to pay more $35 B - Medicaid, Pay-for-Delay, IPAB, program integrity $25 B - Other health savings $120 B Non-health mandatory savings – could be achieved by: $200 B - Eliminate certain subsidies for agriculture $30 B - Reform Federal retirement programs $35 B - Reform postal service and TSA passenger security fees $40 B - Strengthen solvency of UI trust fund $50 B - Other savings including Spectrum Fees, Sales of Excess Property, & Program Integrity $45 B Spending savings from superlative CPI with protections for vulnerable $130 B Subtotal, Total New Spending Reductions $930 B +$200 B interest REVENUE Limit tax dedcutions to 28% for the wealthiest and close other loopholes $580 B +$100 B from CPI change TEMPORARY GROWTH MEASURES Immediate investments in infrastructure -$50 B TOTAL DEFICIT REDUCTION DEFICIT REDUCTION TO DATE MORE THAN $2.5 TRILLION NEW DEFICIT REDUCTION $1.8 TRILLION TOTAL DEFICIT REDUCTION MORE THAN $4.3 TRILLION FEBRUARY 22, 2013 WHITEHOUSE.GOV/SEQUESTER