Rep. Paul Ryan. Photo by Gage Skidmore/ Creative Commons license
Today House Budget Committee Chair Paul Ryan released his budget resolution for fiscal 2014. The proposal includes many of the same elements as his proposal last year – including deep cuts to spending on health care and safety-net programs like food stamps, plus reductions in many other kinds of spending. Rep. Ryan once again proposes reducing tax rates for top earners and corporations while closing loopholes in the tax code, though he does not specify which loopholes. His budget would once again prevent cuts to military spending.
His proposal breaks new ground this year in that it would balance the budget by 2023, whereas his budget last year would not have balanced until around 2040. He brings the budget into balance with deeper cuts to spending and with new tax revenue agreed upon in the fiscal cliff deal in January.
NPP will have detailed analysis of the Ryan budget later this week plus comparisons between it and other budget proposals in the House and Senate.