Last week when House Budget Committee Chairman Paul Ryan released his budget plan, the Washington Post tried to encapsulate the document in one single chart - "The Ryan Budget, in One Chart" - which shows the percentage change relative to the CBO baseline, illustrating a steep decline in "Medicaid/Other Health" spending. But does Rep. Paul Ryan's budget really impose "draconian cuts?"
Today, House Budget Chairman Paul Ryan addressed an enthusiastic group of conservative activists during ACU’s annual Conservative Political Action Conference (CPAC 2013) in the Washington, D.C. area. The Wisconsin Congressman and former Republican Vice Presidential nominee was introduced by Al Cardenas, ACU’s President, to a standing ovation.
“Sen. Patty Murray’s new budget plan would cut annual deficits but still leaves the country with a $566 billion shortfall after 10 years, as Senate Democrats and House Republicans continue to debate whether balancing the budget in a decade is the best approach to bolster the tepid economy."
Bloomberg reports, “President Barack Obama will send his fiscal 2014 budget to Congress the week of April 8, an administration official said today, more than two months late. The president’s spending blueprint was due on Feb. 4. The administration said last month that the debate over taxes and spending at the end of last year, combined with across-the-board spending cuts that kicked in March 1, would delay its release.
At first look, the budget unveiled today by House Budget Committee Chairman Paul D. Ryan (R-WI) advances much-needed reforms and importantly accomplishes the crucial goal of balancing the budget within the decade, though this is partially on the coattails of Obama’s tax increases. Not a silver bullet, it is more of a stasis budget, rather than a bolder plan that builds on the reforms of previous years.
Despite constant budget wrangling and finger-pointing by the nation's policy-makers, the government's short-term fiscal outlook isn't all that bad. It's actually getting better - at least for now. Washington is borrowing about 25 cents for every dollar it spends, down from over 40 cents just a few years ago.