Under the Senate's so-called "Gang of Six"* debt plan unveiled this week, percent of deficit reduction that comes through spending cuts to social programs including health care, education and environmental protection:100
Amount by which the plan cuts Medicare, the health care program for seniors, over a decade:at least $298 billion
Amount by which it would cut military benefit programs, such as health plans for soldiers and veterans:$80 billion
Portion of the immediate deficit reduction savings outlined in the proposal that would come from reducing Social Security benefits:1/5
Under the plan, amount less per year the average Social Security recipient would receive at age 75:$560
At age 85:$1,000
Current top marginal income tax rate for the wealthiest Americans and most profitable corporations:35%
Lowest rate to which that would be reduced by the Gang of Six proposal:23%
Estimated amount in profits being held offshore by U.S. companies, which under the plan would see an end to taxation of most of their overseas profits:$1 trillion
Amount by which the Gang of Six plan claims to reduce deficits over the next decade:almost $4 trillion
Amount by which the plan would actually reduce revenue by 2021, compared to the Congressional Budget Office's current law baseline:$1.5 trillion
Number of weeks left to reach a deal before the U.S. could begin to default on its debt obligations:less than 2
© 2023 Institute for Southern Studies
Under the Senate's so-called "Gang of Six"* debt plan unveiled this week, percent of deficit reduction that comes through spending cuts to social programs including health care, education and environmental protection:100
Amount by which the plan cuts Medicare, the health care program for seniors, over a decade:at least $298 billion
Amount by which it would cut military benefit programs, such as health plans for soldiers and veterans:$80 billion
Portion of the immediate deficit reduction savings outlined in the proposal that would come from reducing Social Security benefits:1/5
Under the plan, amount less per year the average Social Security recipient would receive at age 75:$560
At age 85:$1,000
Current top marginal income tax rate for the wealthiest Americans and most profitable corporations:35%
Lowest rate to which that would be reduced by the Gang of Six proposal:23%
Estimated amount in profits being held offshore by U.S. companies, which under the plan would see an end to taxation of most of their overseas profits:$1 trillion
Amount by which the Gang of Six plan claims to reduce deficits over the next decade:almost $4 trillion
Amount by which the plan would actually reduce revenue by 2021, compared to the Congressional Budget Office's current law baseline:$1.5 trillion
Number of weeks left to reach a deal before the U.S. could begin to default on its debt obligations:less than 2
Under the Senate's so-called "Gang of Six"* debt plan unveiled this week, percent of deficit reduction that comes through spending cuts to social programs including health care, education and environmental protection:100
Amount by which the plan cuts Medicare, the health care program for seniors, over a decade:at least $298 billion
Amount by which it would cut military benefit programs, such as health plans for soldiers and veterans:$80 billion
Portion of the immediate deficit reduction savings outlined in the proposal that would come from reducing Social Security benefits:1/5
Under the plan, amount less per year the average Social Security recipient would receive at age 75:$560
At age 85:$1,000
Current top marginal income tax rate for the wealthiest Americans and most profitable corporations:35%
Lowest rate to which that would be reduced by the Gang of Six proposal:23%
Estimated amount in profits being held offshore by U.S. companies, which under the plan would see an end to taxation of most of their overseas profits:$1 trillion
Amount by which the Gang of Six plan claims to reduce deficits over the next decade:almost $4 trillion
Amount by which the plan would actually reduce revenue by 2021, compared to the Congressional Budget Office's current law baseline:$1.5 trillion
Number of weeks left to reach a deal before the U.S. could begin to default on its debt obligations:less than 2