Facing South

INSTITUTE INDEX: The debt deal's unequal burden

Facing South
Facing South
Appreciate this post? Please donate & share below.
Reddit »

Under the U.S. debt ceiling agreement expected to be signed into law by President Obama today, initial cuts to federal discretionary spending over the next decade: about $1 trillion
Additional amount in cuts to be proposed by an evenly bipartisan, 12-member Joint Select Committee on Deficit Reduction by Thanksgiving: $1.5 trillion
Percent of the deal's burden that will be shouldered by poor and middle-class households: almost 100
Percent by which the deal increases taxes on the wealthiest Americans: 0
Amount the deal raises by closing corporate tax loopholes: $0
Amount it cuts in subsidies to oil companies: $0
Federal subsidies that big oil and gas companies are expected to receive annually over the next decade: more than $8 billion
Amount in profits Texas-based oil giant Exxon Mobil earned in the first quarter of this year alone: $10.7 billion
In a recent CNN/ORC International poll, portion of respondents who preferred a deal with a mix of spending cuts and tax increases: 2/3
Portion of Republicans who say the budget should be balanced without any tax increases: 1/4

Number of members to be named to the Joint Select Committee by House Speaker John Boehner (R-Ohio) who will be willing to consider proposals to raise tax revenue: 0

If the Select Committee fails to agree on a debt-reduction plan, number of years that automatic, across-the-board cuts would be implemented instead: 9

Under the automatic cuts, percent of domestic program cuts compared to defense cuts: 50-50

Percent by which funding for Medicare, the health care program for seniors, would be automatically cut: 2

Date on which Rep. John Lewis (D-Ga.), a noted civil rights leader, voted against the agreement out of concern that, among other things, it "puts in the hands of a few the decisions that should be considered by many": 8/1/2011

Date on which Rep. Emanuel Cleaver (D-Mo.), chair of the Congressional Black Caucus, called the debt deal a "Satan sandwich" that fails to protect "the poor, the widows, the children": 7/31/2011

Date on which a range of economists and financial analysts said the deal might not go far enough to prevent a downgrade of the United States' triple-A credit rating: 8/1/2011

(Click on figure to go to source. Photo of an ad on a Washington bus stop that's part of a campaign to cut federal spending by Public Notice, a nonprofit headed by Republican operative Gretchen Hamel that's critical of federal spending, is from the group's Flickr stream.)
 

Categories:

People Referenced:

Comments

Post new comment

You may enter comments here to publicly respond to this article. If you are having trouble posting your comment, please contact Jerimee@southernstudies.org.
The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture.
Type the characters you see in the picture; if you can't read them, submit the form and a new image will be generated. Not case sensitive.  Switch to audio verification.