Read/review the following resources for this activity: You are an advisor to the President tasked with cutting at least $300 billion from the budget. The president wants your recommendations to cut lines, not large categories. Submit your recommendations and your reasoning for such recommendations using these guidelines: – Use evidence (cite sources) to support your recommendations from assigned readings or online lessons, at least one outside scholarly source. – Use the format provided below to present your numbers and totals followed by an explanation below the chart. – Please note that these are not true US budget numbers, but are reasonable hypothetical numbers to help us consider the budget processes complexities. Cut some foreign aid to African countries $17 billion Eliminate farm subsidies $14 billion Cut pay of civilian federal workers by 5 percent $14 billion Reduce the overall federal workforce by 10% $12 billion Cut aid to states by 5% $29 billion Cut the number of nuclear warheads, and end the “Star Wars�
�� missile defense program $19 billion Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe $25 billion Cancel or delay some weapons programs $19 billion Enact medical malpractice reform by reducing the chances of large malpractice verdicts $ 8 billion Increase the Medicare eligibility age to 68 $ 8 billion Raise the Social Security retirement age to 68. $ 13 billion Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed. $ 50 billion End tax cuts for income above $250,000 a year $ 54 billion End tax cuts for income below $250,000 a year $ 172 billion Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare. $ 50 billion Institute a Millionaire’s tax on income above $1 million $ 50 billion Add a national 5% sales tax $ 41 billion Add a tax on carbon emissions $ 40 billion Tax banks based on their sizes and the amount of risk they take. $ 73 billion