Biden-McConnell Plan:Those sure do seem like small numbers. To see just how small, consider that they're spread out over 10 years, then compare them to 1 year of the budget itself.
$620 billion revenue - mostly from tax increases on $400,000+ incomes
$30 billion in new spending - unemployment extension not offset
$15 billion in cuts - mostly military and healthcare tweaks
Postpones automatic sequester cuts of $1.5 trillion for 2 months
$3.8 trillion total spendingBut let's compare apples to apples: 1 year of the budget to 1 year of the deal.
$2.9 trillion total revenue
$3.8 trillion spending to start
$3 billion new spending
$1.5 billion cuts
end with ... wait for it ... $3.8 trillion spending
$2.9 trillion revenue to startIn broad terms of the budget, absolutely nothing was accomplished either in revenue or spending. Next, let's take a look at the previous proposals to really judge where we ended up.
$62 billion new revenue (assuming economic growth doesn't slow...)
end with ... wait for it ... $2.9 trillion revenue
Geithner PlanSo instead of $350 billion to $1.2 trillion in cuts, we got $15 billion. Instead of $800 billion to $1.6 trillion in new revenue, we got $620 billion. Over 10 years.
$1.6 trillion new revenue - increase taxes, eliminate deductions over $250k income
$50 billion new spending
$350 billion cuts
Boehner counteroffer
$800 billion new revenue - eliminate deductions over $250k income
$1.2 trillion cuts
Obama outline
$1.2 trillion new revenue - increase taxes, eliminate deductions over $400k income
$80 billion new spending
$1.2 trillion cuts
Boehner "Plan B"
$1 trillion new revenue - increase taxes, eliminate deductions over $1M income
$1 trillion cuts
This is not compromise, it's surrender.
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