Domenici-Rivlin Debt Reduction Task Force. Restoring America s Future. Released November 17, 2010

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1 Domenici-Rivlin Debt Reduction Task Force Restoring America s Future Released November 17,

2 Debt Held By The Public 300% 250% 200% Percent of GDP 150% 100% 50% 0% Source: CBO Alternative Fiscal Scenario constructed from the August 2010 Budget and Economic Outlook, additionally assuming that troops in Iraq and Afghanistan are reduced to 30,000 by

3 Producing a bipartisan, comprehensive solution 3

4 BPC s Debt Reduction Task Force Co-chaired by: - Senator Pete Domenici (R-NM), former Chairman of the Senate Budget Committee - Dr. Alice Rivlin, OMB Director under President Clinton, founding CBO Director, and former Vice-Chair of the Federal Reserve The Task Force members are former White House and Cabinet officials, former members of Congress, former governors and mayors, business and labor leaders, economists and budget experts. They are Democrats, Republicans, and Independents: - Robert Bixby - Gov. James Blanchard - Sheila Burke - Dr. Leonard Burman - Robert Campbell - Sec. Henry Cisneros - Sec. Carlos Gutierrez - Dr. Bill Hoagland - Gov. Frank Keating - Karen Kerrigan - Maya MacGuineas - Dr. Donald Marron - Edward McElroy - Dr. Joe Minarik - Mayor Marc Morial - William Novelli - Mayor Anthony Williams 4

5 The Federal Budget in FY 2010 Interest on the Debt 6% Other Mandatory Spending 17% Everything Else 16% Defense Spending 20% Medicare & Medicaid 21% Social Security 20% - All domestic discretionary programs that are funded annually (including education, veterans health care, homeland security, law enforcement, etc.) make up only 16% of federal spending. - There is no feasible way to tackle our budget problem without making difficult choices regarding Medicare & Medicaid, defense, Social Security, and revenues. 5

6 240% Debt Drops Dramatically Under Bipartisan Plan 180% % of GDP 120% 60% 0% Baseline Debt Held by the Public Bipartisan Plan Debt Held by the Public Source: CBO s Alternative Fiscal Scenario constructed from the August 2010 Budget and Economic Outlook, additionally assuming that troops in Iraq and Afghanistan are reduced to 30,000 by

7 Restoring America s Future: An Overview The consensus, bipartisan plan will: Balance the primary budget in 2014, reduce total annual deficits to manageable levels, and stabilize the debt below 60 percent of GDP within a decade. 7

8 Restoring America s Future: An Overview The consensus, bipartisan plan will: Reduce the unsustainable rate of growth in health care costs. Freeze domestic and defense discretionary spending. Strengthen Social Security to ensure that it will pay benefits for 75 years and beyond, while protecting the most vulnerable elderly and maintaining the current retirement age. Cut other spending, including farm and government retirement programs. 8

9 THE PLAN: Create a Simple, Pro-growth Tax System Overview: Broaden the base, cut rates, and raise revenues to reduce the debt. Eliminate most tax expenditures (deductions and credits). Cut individual income tax rates and establish just two rates 15 and 27 percent. Cut the top corporate tax rate from 35 percent to 27 percent. Replace the deductions for mortgage interest and charitable contributions with 15 percent refundable credits that anyone who owns a home or gives to charity can claim. Restructure provisions that benefit low-income taxpayers and families with children by making them simpler, more progressive, and enabling most recipients to receive them without filing tax returns. Establish a new 6.5 percent national Debt Reduction Sales Tax (DRST) that, along with the income tax reform and spending cuts outlined in this plan, will reduce the debt and secure America s economic future. These reforms, taken together, will make the tax system more progressive. 9

10 Sources of Debt Reduction in BPC Plan: Spending Cuts, Tax Expenditure Cuts, and New Revenues 100% 90% 9% 13% 13% 80% 70% 60% 50% 40% 38% 37% 35% 30% 20% 54% 50% 52% 10% 0% Spending Cuts Tax Expenditure Cuts Rate Cuts and New Revenues Note: The spending cuts total does not include the reduction of interest payments 10

11 Domenici-Rivlin Debt Reduction Task Force Restoring America s Future Released November 17,

CONTENTS. An Open Letter to the American People...2. Task Force Members... 4. Executive Summary...8. Summary of Recommendations...

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