Spending cuts bigger than tax increases

three-quartersThe “fiscal cliff” deal between President Obama and leaders of Congress consisted mostly of restoring Clinton-era tax rates on incomes above $400,000 a year.

But researchers at the Center for American Progress, a liberal think tank, state that since fiscal 2011, reduction in projected spending has been much more than the increase in tax revenues.  The chart below shows the basis of that conclusion.

blog_deficit_reduction_cap

I didn’t vote for President Obama, but that’s because I don’t think deficit reduction is so important that other issues don’t matter.

Click on The Deficit Reduction We Have Achieved So Far for the Center’s full analysis

[Added 1/15/13]  Here’s a chart from the White House illustrating spending reductions and revenue increases under the current budget.

waterfall

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