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The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
Discover why our fiscal health and economic strength are so closely tied, and why it is important to get the deficit under control and work toward a balanced budget.
In order to balance our budget and reduce the amount of debt the government takes on each year, we must match the level of government revenues with the level of spending.
Why Reform Our Corporate Tax Code?
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.
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.
The lack of a long-term solution for federal funding for transportation creates uncertainty, which is disruptive for the planning of construction projects.
CBO projects that federal debt will climb to 141 percent of GDP within 30 years — exceeding the highest level of debt ever recorded at the end of World War II by a large margin.
"Today’s CBO report confirms that the era of declining deficits is over," according to Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.