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people would itemize and claim the break. lowering tax rates would then make the deduction less worthwhile for those who still take it. how much could donations drop by? between $5 billion and $13 billion a year, according to one study, that s about 4.6%. those in favor of these tax proposals say this could lead the people actually giving more to charities. they say if a person has to pay less to the government, they re more likely to give more money to charity. if we ever get to tax reform. assuming that there is the budget s up next, yes? consensus on tax reform. the budget looks like it s going to be heavy lifting. there are a lot of ts to cross and is to dot before tax reform. the city of chicago plans to sue the federal government today. why the city says changes to sanctuary city funding are a federal overreach.
senate democrats and republicans came up with a compromise that was a perfect from his standpoint? you think he would actually veto that? you know, i don t think so. i ve watched this president now for several months, three, and this is a man of endlessly flexible goals and ideology. he was going to cancel nafta. he changed his mind quickly. he was going to move the embassy to jerusalem, now we re not. repeal of health care on day one. no, we re not. i think the key and i m no psychologist but the key is that people around him need to convince him that he did well. so so long as he comes out of any negotiation and even if the budget looks like in my opinion it would have looked like had we had a president obama and again, i don t love everything in it, but it is a pretty good budget, so long as he comes out of that process thinking he won, i think we re going to be fine. congressman jim hines, thanks for joining us. thanks, wolf. ahead, republicans and urgent scramble for suppo
administered and whether or not we give the president the flexibility to make it as painless as possible. meantime, house republicans proposed a government funding plan which gives the military more money for readiness, softening the blow from a $43 billion pentagon sequesters cut. brian. brian: thanks, steve. meanwhile, let s talk about what the budget looks like right now. it turns out our revenue is pretty high. historically high. gretchen: an all-time high. look at this record. in 2010 the revenue was $2.2 trillion. in 2011, $2.3 trillion. in 2012, $2.5 trillion. the projection for this year is an all-time record breaker at $2.7 trillion. you might say to yourself, with all this extra revenue coming in from taxes, shouldn t we be able to get rid of some of our debt in the process? or should we spend more money? steve: i think that s the problem. we re spending too much. we re taking in plenty, but
still plenty of spending, plenty of big-dollar figures. the 2012 budget looks like it will shape up this way. about $553 billion in spending to be requested. now, that s actually about a 5% or so increase in spending over last year, accordingly to some experts calculations. that s the highest budget ever at the pentagon, and that doesn t even begin to account for the $100 billion or so still being spend to fight the wars in iraq and afghanistan, another $30 billion on top of that from the department of energy to help run the nation s nuclear weapons facilities and capabilities. so where s the budget cut around here? well, they are talking about a cut of $78 billion over the next five years, but those cuts are coming in some of these weapons programs way down the road when defense secretary robert gates is expected to be long gone from
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