Table 1
Near-term macroeconomic effects of President Obama's fiscal 2013 budget
| Budgetary cost (+) or savings (-) (billions) | GDP impact (% GDP) | Employment impact (thousands of jobs) | ||||
|---|---|---|---|---|---|---|
| 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |
| Tax policy | ||||||
| American Jobs Act tax cuts* | $57 | $19 | 0.2% | 0.1% | 246 | 110 |
| Upper-income tax provisions | -107 | -99 | -0.2 | -0.1 | -202 | -178 |
| Other tax provisions | -7 | 7 | 0.0 | 0.0 | -17 | 17 |
| Discretionary spending | ||||||
| Net discretionary spending | $11 | $2 | 0.1% | 0.0% | 117 | 16 |
| Mandatory spending | ||||||
| American Jobs Act spending* | $92 | $50 | 0.8% | 0.4% | 994 | 496 |
| Transportation reauthorization | 1 | 5 | 0.0 | 0.0 | 11 | 55 |
| Health and other mandatory spending |
-3 | -23 | 0.0 | -0.2 | -29 | -235 |
| Total | $44 | -$39 | 0.9% | 0.3% | 1,121 | 280 |
* With the exception of the payroll tax cut and emergency unemployment benefits, all American Jobs Act provisions have been shifted forward one year.
Note: All policies are scored relative to EPI's current policy baseline. This table presents the impact in calendar years 2013 and 2014.
Source: Authors' analysis of Congressional Budget Office, Office of Management and Budget, and Moody's Analytics data
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