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Americans draw clear connections between our nation’s fiscal health and economic strength.
How long-term debt affects America's economic future
The 2014 Trustees Reports make clear that essential programs, like Social Security and Medicare, are on an unsustainable path.
Each year, through the budget process, the President and Congress have the opportunity to set priorities for the federal government, determining how much should be spent through appropriations for annually-funded programs, known as discretionary spending, and providing the opportunity to review entitlement programs and the tax code.
The vast majority of Americans want action to solve the long-term national debt.
A large, comprehensive plan that addresses our long-term structural deficits is clearly the best way forward for America’s future economy. However, more modest proposals, which would begin to take meaningful steps towards putting our debt on a sustainable path, would also be worthwhile.
A majority of Democrats and Republicans would support policies they disagree with to achieve a long-term fiscal solution.
Over the coming weeks and months, Congress and the President have a window of opportunity. Let's take a look at the fiscal calendar ahead.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.