Discussion: US Budget

Week 6 Discussion: US Budget

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Required Resources Read/review the following resources for this activity:

· Textbook: Chapter 10

· Lesson

· Minimum of 1 scholarly source (in addition to the textbook)

Initial Post Instructions You are an advisor to the President tasked with cutting at least $300 billion from the budget. The president wants your recommendations to cut lines, not large categories. Submit your recommendations and your reasoning for such recommendations using these guidelines:

– Use evidence (cite sources) to support your recommendations from assigned readings or online lessons, and at least one outside scholarly source.

– Use the format provided below to present your numbers and totals followed by an explanation below the chart.

– Please note that these are not true US budget numbers, but are reasonable hypothetical numbers to help us consider the budget processes complexities.

DOMESTIC PROGRAMS AND FOREIGN AID Cut some foreign aid to African countries $17 billion
  Eliminate farm subsidies $14 billion
  Cut pay of civilian federal workers by 5 percent $14 billion
  Reduce the overall federal workforce by 10% $12 billion
  Cut aid to states by 5% $29 billion
MILITARY Cut the number of nuclear warheads, and end the “Star Wars” missile defense program $19 billion
  Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe $25 billion
  Cancel or delay some weapons programs $19 billion
HEALTHCARE Enact medical malpractice reform by reducing the chances of large malpractice verdicts $ 8 billion
  Increase the Medicare eligibility age to 68 $ 8 billion
  Raise the Social Security retirement age to 68. $ 13 billion
EXISTING TAXES Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed. $ 50 billion
  End tax cuts for income above $250,000 a year $ 54 billion
  End tax cuts for income below $250,000 a year $ 172 billion
  Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare. $ 50 billion
NEW TAXES Institute a Millionaire’s tax on income above $1 million $ 50 billion
  Add a national 5% sales tax $ 41 billion
  Add a tax on carbon emissions $ 40 billion
  Tax banks based on their sizes and the amount of risk they take. $ 73 billion
Total gap covered by your budget plan   $_____________
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