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In the end, higher taxes will account for less than one-fifth of total deficit reduction.
That would make a real dent in the $2.4 trillion in total deficit reduction envisioned in the debt limit deal.
Mr. Bowles has suggested that perhaps two-thirds of total deficit reduction come from spending and the rest from new revenues.
figures show that while raising taxes (on everybody) amounts to about two-thirds of the total deficit reduction in 2013, it has a much smaller effect on gross domestic product, the measurement for output.
Total deficit reduction of $2.4 trillion is less than the $4 trillion that bipartisan groups and political leaders had more or less agreed was necessary to put the debt on a meaningful downward path relative to GDP.
The $1.1 trillion in total deficit reduction that the administration will claim through the 2021 fiscal year is measured from spending levels enacted by Congress and the president for the 2010 fiscal year.
Similar(50)
That's why the chart above shows that tax changes subtracted from total deficit reductions by 71 percent.
First, they say that the total amount of deficit reduction is too great — and, second, that huge federal spending cuts in the midst of a still-weakened economy would plunge us into recession.
A total of $321 billion in deficit reduction, according to the CBO.
We need to find a total of $4 trillion dollars in deficit reduction over 10 years to get the United States truly back on its financial feet.
When you add the money it will save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years -- not counting the $400 billion already saved from winding down the wars in Iraq and Afghanistan.
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