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Federal Spending – Fast Facts

All fast facts for Federal Spending are from the non-partisan Congressional Budget Office (CBO), the National Commission on Fiscal Responsibility and Reform (NCFRR), and the Office of Management and Budget (OMB), and the U.S. Government Accountability Office (GAO). They do not represent all of their reports on this subject. Some simply provide historical context. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement. As always, verify and view statements in their full context as often as possible.

Prior to 1913, income taxes did not exist or were inconsequential, other than for a brief time during the Civil War period, when special tax legislation raised the income tax share of Federal receipts to as much as 13 percent in 1866. Click here to verify at Page 6 - – – Or use URL;
At the end of fiscal year 2011, federal debt held by the public was 68 percent of GDP.  The paths for revenues and spending specified by Chairman Paul Ryan and his staff would lead to debt equal to 61 percent of GDP in 2023, 53 percent in 2030, and 10 percent in 2050.  That debt would be a much smaller share of GDP than under CBO’s two scenarios.  Under the baseline scenario, debt would fall to 57 percent of GDP in 2030 and 40 percent in 2050, CBO projects.  Under the alternative fiscal scenario, debt would rise to 128 percent of GDP in 2030 and to more than 200 percent in 2050.  Click here to verify at Pages 4-5
Although deficits during or shortly after a recession generally hasten economic recovery, persistent deficits and continually mounting debt would have several negative economic consequences for the United States.  Some of those consequences would arise gradually: A growing portion of people’s savings would go to purchase government debt rather than toward investments in productive capital goods such as factories and computers; that “crowding out” of investment would lead to lower output and incomes than would otherwise occur.   Click here to verify at Pag

Because the President’s revenue and spending proposals together would increase deficits and thus require additional federal borrowing, they would also raise interest costs—by an estimated $586 billion over the 2013–2022 period.     Click here to verify at Page 10

By 2030, and even more so in 2040 and 2050, total federal debt, deficits, and spending would all be lower under the paths specified by Chairman Paul Ryan and his staff than under both CBO’s extended baseline scenario and its extended alternative fiscal scenario.  Lower debt would increase private investment and would lead to greater economic output and income in the long run under the specified paths than under CBO’s two scenarios.    In Chairman Ryan’s specifications, revenues are fixed at 19 percent of GDP starting in 2025.  That amount is well below revenues projected under the baseline scenario and just slightly above revenues assumed under the alternative fiscal scenario.   Click here to verify at Page 4
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Voting Key

Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
Slightly Fact = 74% - 60% True
Split = 59% - 50% True
Slightly Fiction = 49% - 30% True
Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True