Or let’s just look at CBO baseline revenue projection: $2.913T.
So $3.035T – $2.913T. So I’m short $120 Billion.
Fine increase cuts by 5%.
45% defense. 25%discretionary. Or would you like to quiblle over the $20Billion?
Of 40% defense and 30% discretionary. net $129 Billion gain to close the gap.
Or let’s really have fun, 50% defense, 30% discretionary, expire the tax cuts, payroll cuts and have enough to pay off the debt in 183 Years![/quote]
It’s really about $300 for 2013 and then projections of 4.3 GDP growth and an increase in the percentage of taxes paid relative to GDP. They assume 4.3 GDP growth starting in 2014 and along with revenues going from 15.7% of GDP to 21.4% GDP. Frankly it’s very optimistic. In nominal terms with higher than average inflation they might get the revenue side right this time, but in that case the spending side will be massively understated.
Actually if their projection for 2012 in 2003 was right we would have 3.549 trillion in annual revenues right now. They we’re only off by $1 trillion or so. They did get the mandatory spending right.