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government and policy

topic – Fiscal Policy

President Obama’s proposed budget for fiscal year 2016 envisions the federal government collecting and spending an increasing amount of taxpayer money over the next ten years. For the upcoming fiscal year, the president expects to spend a tick under $4 trillion while hoping to collect revenues worth $3.525 trillion. The resulting deficit of $475 billion in 2016 would be smaller than the projected deficit for fiscal 2015, but deficits would soon begin to climb again under the president’s policies.

House Budget Committee Chairman Tom Price, R-Ga., was planning to draft a budget resolution that would conform to the Budget Control Act. And that would be good news, indeed. After all, the Budget Control Act is the law of the land, much as those who favor increases to Pentagon spending would like to pretend otherwise. Congress has not presented a budget as of yet.

Issue – Deficit

At the end of FY 2015 the total government debt in the US including federal, state and local is expected to be $21.694 Trillion.


Control Spending – Spending for 2016 is going to be 13% higher than the income the government will receive.

Balance the budget – What can or should be reduced to get spending equal to or below revenues? How do we generate more revenues?

Budget Control Act – Nearly four years ago, Congress passed the Budget Control Act of 2011, which cut $487 billion from projected defense spending over the next ten years. The act also paved the way for sequestration, which would slash an additional $495 billion from the defense budget, for an overall total of almost $1 trillion in cuts.

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Category: Sample Questions