AMERICAN FREEDOM & PROSPERITY

Congressman Pete Sessions32nd District of Texas

What’s Happening in Washington, D.C.?

February 2010

Washington, DC Office2233 Rayburn HOB

Washington, DC 20515-4332(202) 225-2231

Dallas, TX OfficePark Central VII

12750 Merit Drive, Suite 1434 Dallas, Texas 75251-1229

(972) 392-0505 www.house.gov/sessions

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Population:Urban areas house half of all the world’s people, and continue to grow in both rich and poor countries.

The World in Numbers: THE WORLD IS SPIKYby Richard Florida

Map by Tim Gulden, University of Maryland.From Richard Florida, “The World is Spiky,”The Atlantic Monthly, October 2005

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The World in Numbers: THE WORLD IS SPIKYby Richard Florida

Patents:Just a few places produce most of the world’s innovations. Innovation remains difficult without a critical mass of financiers, entrepreneurs, and scientists, often nourished by world-class universities and flexible corporations.

Map by Tim Gulden, University of Maryland.From Richard Florida, “The World is Spiky,”The Atlantic Monthly, October 2005

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American Freedom and Prosperity

Current Debt: $12.3 trillion

New Debt Ceiling: $14.3 trillion

Record Deficit for FY2009: $1.4 trillion, over 3 times the 2008 record

Unemployment: 9.7% (2009 average = 9.3% and up to record 10.2%)

Texas Unemployment over 12 months: increased from 5.7% to 8.3%

National unemployment since December 2007: 7.6 to 14.8 million

Where are we now?

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American Freedom and Prosperity

Source: Committee on the Budget

Current Debt:$12,278,636,000,000

Source: Treasury Department; Monthly Statement of Public Debt 01/31/2010

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American Freedom and Prosperity

FY 2009 Record Deficit:$1,417,086,000,000

Source: Treasury Department; Financial Management Service, Monthly Treasury Statement

Source: Committee on the Budget

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American Freedom and Prosperity

FY 2009 Record Deficit:$1,417,086,000,000

Source: Treasury Department; Financial Management Service, Monthly Treasury Statement

Source: Committee on the Budget

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American Freedom and Prosperity

Record Unemployment:9.3% Average for 2009

Source: Labor Department, Bureau of Labor Statistics

Source: Joint Economic Committee with data from Bureau of Labor Statistics

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American Freedom and Prosperity

Change in UnemploymentFrom a Republican to Democrat Congress

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American Freedom and Prosperity

Change in UnemploymentFrom a Republican to Democrat Congress

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American Freedom and Prosperity

Change in UnemploymentFrom a Republican to Democrat Congress

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American Freedom and Prosperity

Record Spending“Starting in 2011, we are prepared to freeze government

spending for three years.” - President Obama (SOTU, 01/19)

Source: Committee on the Budget

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American Freedom and Prosperity

Record Spending

Newly released FY 2011 Presidential Budget

Spends too much: record $3.8 trillion in spending

Taxes too much: more than $2 trillion in tax hikes

Borrows too much: record budget deficit of $1.6 trillion for a

total of $14 trillion of inherited by our children and

grandchildren.

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American Freedom and Prosperity

FY 2011 Budget:$468 billion in new taxes on American businesses

US-based multi-national firms will

face $122.2 billion in tax increases

over the next decade.

Not only will this tax destroy jobs and

reduce investment, it will result in

American businesses moving their

headquarters to lower-tax countries.

AMERICAN FREEDOM & PROSPERITY

Congressman Pete Sessions32nd District of Texas

“What’s Happening in Washington, D.C.?”

February 2010

Washington, DC Office2233 Rayburn HOB

Washington, DC 20515-4332(202) 225-2231

Dallas, TX OfficePark Central VII

12750 Merit Drive, Suite 1434 Dallas, Texas 75251- 1229

(972) 392-0505

To receive my weekly email newsletter, please visit my website at http://sessions.house.gov/subscribe

www.house.gov/sessions

SUPPLEMENTAL

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Economic Policy SHOULD:

Allow American families to keep their hard-earned money.

Create and protect jobs.

Provide incentives to spur business investment.

Ensure stability in the financial markets.

Preserve the American legacy of leaving the next generation in a better position than the current generation inherited.

American Freedom and Prosperity

Economics 101

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American Freedom and Prosperity

Record Taxing

Increases Taxes by $2.3 Trillion over 10 years

$969 billion: 2001 and 2003 tax cuts to expire.

$743 billion: Government takeover of health care. 

$262 billion: Miscellaneous taxes.

$122 billion: U.S. International tax rules and enforcements.

$90 billion: “Financial crisis responsibility fee” on financial institutions.

$59 billion: Repeal of last-in, first-out inventory practices.

$39 billion: Repeal of tax credits for energy production (gas, oil, coal).

$24 billion: Carried interest tax over doubles from 15% to 39.6%.

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American Freedom and Prosperity

Record SpendingSpending Increases by 2020

Interest Payments on Debt: increases $653 billion; 349.2%

Discretionary Spending: increases $265 billion; 21.7%

Mandatory Spending:

Medicare: increases $528 billion; 124.2%

Medicaid: increases $236 billion; 94%

Social Security: increases $523 billion; 77.1%

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American Freedom and Prosperity

Current Debt:$12,278,636,000,000

Source: Treasury Department; Monthly Statement of Public Debt 01/31/2010

Source: Committee on the Budget

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American Freedom and Prosperity

FY 2009 Record Deficit:$1,417,086,000,000

Source: Treasury Department; Financial Management Service, Monthly Treasury Statement

Source: Committee on the Budget

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American Freedom and Prosperity

Record Spending

Sessions Amendment to Freeze Spending – Feb. 2, 2010:

First opportunity to enforce President’s freeze after SOTU

Amendment would have frozen two grant programs in the

Cybersecurity Enhancement Act

Every Democrat voted “NO” in the Rules Committee.

Of the 26 amendments submitted, this freeze was the only one

not allowed for floor debate

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The World in Numbers: THE WORLD IS SPIKYby Richard Florida

Scientific Citations:The world’s most prolific and influential scientific researchers overwhelmingly reside in U.S. and European cities.

Map by Tim Gulden, University of Maryland.From Richard Florida, “The World is Spiky,”The Atlantic Monthly, October 2005

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