Backsliding Into the Deficit Ditch

1
Backsliding Into the Deficit Ditch
From Deficit to Surplus to Deficit Again
Unified Surplus/Deficit in Billions of Dollars
Prepared by the House Budget Committee Democratic
Staff 2/2/04
2
More Accurate Estimate Shows Even Bleaker Budget
Outlook
2002 Bush Budget
CBO Baseline
2005 Bush Budget
Realistic Bush Budget
CBO Baseline adjusted for Presidents omitted
costs
Prepared by the House Budget Committee Democratic
Staff 2/2/04
3
In 2003, Tax Cuts Accounted for the Majorityof
the Cost of Legislation Passed Since 2001
Source Center on Budget and Policy Priorities
and CBO 2/13/04
4
Domestic Non-Homeland Discretionary Spending Only
One-Sixth of Budget
2004 Outlays
Prepared by the House Budget Committee Democratic
Staff Source CBO 1/26/04
5
Defense, Homeland Security, and 9/11 Response
Account for At Least 90 Percent of Funding
Increases
(NYC, Intl, and Airline Relief)
Prepared by the House Budget Committee Democratic
Staff Source Senate Budget
Committee
1/26/04
6
Defense Increases During Bush Administration
(National Defense Discretionary Budget Authority
in Billions of Dollars)
Prepared by the House Budget Committee Democratic
Staff 1/26/04
7
The 3.8 Trillion Tax AgendaPresidents Tax
ProposalsEnacted, Proposed, and Hidden
Source CBO and Joint Committee on Taxation, AMT
includes interaction with EGTRRA/JGTRRA
permanence New Tax Proposals are OMB estimates,
do not include AMT
Updated 3/10/04
8
Tax Cuts Larger than Social Security and Medicare
Deficit Combined
Social Security 3.7
Prepared by the House Budget Committee Democratic
Staff Source Center on Budget and Policy
Priorities 3/9/04
9
Receipts Are Way Down Spending Remains Low
REAGAN
BUSH I
CLINTON
BUSH II
Prepared by the Democratic Staff of the House
Budget Committee Source FY 2005
Budget 02/04/04