Question
Presidential Budget
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. Explain why you
chose those cuts.
Note: These are not true US budget numbers.
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
?
$_________________
Use evidence (cite sources) to support your response from assigned readings or online lessons, and at least one outside scholarly source.
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