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You failed to reduce the debt to a sustainable level. Without further changes, a fiscal crisis is likely to occur.
Savings Relative to Current Law in Billions Savings Relative to Current Policy in Billions
$-3230 $720
Dollars in Billions that you need to cut to get under 60% of the GDP by 2021.
$4,830
See your list of choices on page 2.
Renew Tax Cuts Available at Lower $2,660B Incomes and Continue AMT and Estate Tax at 2009 Level Allow All the Tax Cuts to Expire, Except for AMT Patches and Estate Tax at 2009 Level Alter the Sustainable Growth Rate Freeze the Sustainable Growth Rate Grow Sustainable Growth Rate at Medicare Economic Index Adopt the Bowles-Simpson Fiscal Commission Recommendations for the Sustainable Growth Rate $320B $380B $280B $1,130B
Reduce Spending Related to the Nuclear -$80B Arsenal Reduce US Navy Fleet to 230 Ships Increase Homeland Security Spending Troop Levels Increase Number of Troops by 46,000 Reverse 'Grow the Army' Initiative $80B -$110B -$170B $60B
Social Security
Raise the Normal Retirement Age to 68 Slow Initial Benefit Growth Gradually Reduce Scheduled Benefits -$140B Progressively Reduce Benefits, Protecting Low -$40B and Middle Income Earners Progressively Reduce Benefits, Protecting Low -$90B Income Earners Use an Alternate Measure of Inflation for COLA -$110B Reduce Spousal Benefits from 50% to 33% Increase Years Used to Calculate Benefits Include All New State and Local Workers Institute a Minimum Benefit -$20B -$50B -$100B $200B -$160B
Other Spending
Use the Chained CPI for Other Indexed Programs Reduce Federal Civilian Employee Pay Increases and Cap Increases in Military Pay Introduce Minimum Out-of-Pocket Requirements Under TRICARE for Life Reform Federal Retiree Benefits Reform Fannie Mae and Freddie Mac Reduce Farm Subsidies Expand Spending on Federal Research & Development Reduce Funding for the Arts & Humanties Increase Mass Transit Funding -$70B -$60B -$50B -$70B -$30B -$100B $110B -$10B $60B
Tax Expenditures
Tax Fringe Benefits as Regular Income Gradually Phase Out Mortgage Interest Deduction Curtail State and Local Tax Deduction Eliminate Life Insurance Tax Benefits Curtail the Deduction for Charitable Giving -$410B -$120B -$490B $230B Make Research & Experimentation Tax Credit Permanent Cut the EITC and Child Tax Credit Expand the EITC and Child Tax Credit Extend American Opportunity Tax Credit -$540B -$160B Accelerate and Modify Excise Tax on HighCost Health Plans in 2013 Repeal Excise Tax on High-Cost Plans Replace Employer Health Care Exclusion with a Flat Credit (In Place of Excise Tax) -$80B -$240B -$590B -$280B -$180B $40B
Reinstate $400/person Making Work Pay Credit $530B -$80B $110B $50B -$60B $120B -$450B