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06/27/11
The Congressional Budget Office (CBO) recently released its revised estimates for federal government spending and revenues. The top graph represents what would happen if Congress followed the laws it already passed by allowing the Bush Tax Cuts to expire, the AMT to reset, and discontinue "doc fix" to Medicare. The chart shows that taxes will evenutally line up with Total Primary Spending and the deficit would be erased.
The bottom graph outlines the alternative fiscal scenario in which the Bush Tax Cuts are extended, modifications to the AMT occur, and "doc fix" is not allow to reset payment to doctors. Federal government revenues would be about 18% GDP while spending would be at around 25% and rising.
I know that the Bush Tax cuts cost 3 Trillion Dollars for those making under $250K and 4 Trillion with those above making $250K included. The AMT and "doc fix" are spending I am still researching costs estimates on and will repost when I have more information.
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