When Do We Get to the Revenue Half of Bowles-Simpson?

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Jared Bernstein makes a point today that’s worth repeating: Republicans have given a lot of love to the Bowles-Simpson deficit reduction plan lately, but it turns out that we’ve already made a lot of the spending cuts in their plan. Here are the basic numbers:

  • Total discretionary spending cuts proposed: $2.1 trillion
  • Revenue increases proposed: $2.6 trillion
  • Discretionary spending cuts already passed in 2011: $1.5 trillion
  • What’s left: $0.6 trillion in discretionary spending cuts and $2.6 trillion in tax increases

This doesn’t count savings from interest on the debt, it doesn’t count reduced war expenses, it doesn’t count sequestration cuts scheduled for January 1, it doesn’t include entitlement cuts, and it’s not inflated by stimulus spending. These are apples-to-apples numbers on discretionary spending and revenue increases.

So we’ve already made pretty good progress on Bowles-Simpson’s discretionary spending cuts. Add in interest reductions and war cuts and we’ve made even more. But we’ve made no progress at all on the Bowles-Simpson revenue increases. When does that part of the plan get started?

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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