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The Joint Select Committee on Deficit Reduction, [1] colloquially referred to as the Supercommittee, was a joint select committee of the United States Congress, created by the Budget Control Act of 2011 on August 2, 2011. This act was intended to prevent the sovereign default that could have resulted from the 2011 United States debt-ceiling crisis.
The Congressional Progressive Caucus (CPC) proposed "The People's Budget" in April 2011, which it claimed would balance the budget by 2021 while maintaining debt as a % GDP under 65%. It proposed reversing most of the Bush tax cuts; higher income tax rates on the wealthy and restoring the estate tax, investing in a jobs program, and reducing ...
Federal spending per capita (that is, per person in the U.S.) was approximately $11,551 during 2011, versus $6,338 in 2000. Adjusted for inflation, these amounts were $5,133 in 2011 and $3,496 in 2000. Adjusted for inflation, federal spending per person remained around $3,500 throughout the 1990s.
By 2015, the budget deficit was 2.4%, below the 1980-2007 historical average of 2.5% GDP. [10] During 2012, Warren Buffett proposed establishing a minimum effective tax rate of 30% on taxpayers earning over $1 million. [41] [42] This became known as the Buffett Rule. Many high income taxpayers face lower effective tax rates because a ...
Debt. $20.24 trillion (actual) 105.5% of GDP [ 4 ] GDP. $19.177 trillion (actual)[ 3 ] Website. Office of Management and Budget. ‹ 2016. 2018 ›. The 2017 United States federal budget is the United States federal budget for fiscal year 2017, which lasted from October 1, 2016 to September 30, 2017.
GDP. $17.9 trillion (actual)[4] Website. Office of Management and Budget. ‹ 2014. 2016 ›. President Obama's Proposed Fiscal Year 2015 United States Federal Budget. The 2015 United States federal budget was the federal budget for fiscal year 2015, which runs from October 1, 2014 to September 30, 2015. The budget takes the form of a budget ...
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