New Paul Ryan Budget Spends More Now, Still Balances in Ten Years
House Budget Committee Chairman released his Fiscal Year 2015 budget Tuesday ahead of a potentially difficult vote in the House as he continues to deal with unrest on the right from a deal he struck with Democratic Senate Budget Committee Chair Patty Murray (D-WA).
The 2014 budget spent $3.498 trillion in 2015, while this year's budget spends $3.664 trillion, an increase of $166 billion. The 2014 budget spent $3.660 trillion in 2016, while this year's budget spends $3.676, an increase of $26 billion, according to a report outlining the budget.
The spending in years further out is actually lower than last year's budget, but the overall 10-year spending is $1.166 trillion higher than last year's budget.
This year's budget is a steeper cut from “current policy” as calculated by each budget – a $5.135 trillion cut from current policy in this year's budget versus a $4.633 trillion cut from current policy in last year's budget.
Both budgets would balance in ten years.
Like last year's budget, this year's budget calls for tax reform in broad principles. Notably, it does not embrace the bill introduced by House Ways and Means Chairman Dave Camp (R-MI).
“This resolution calls on comprehensive tax reform and lays out some principles, but it does not embrace any particular plan,” the report says.
Like last year's budget, the new Ryan plan also includes major reforms to Medicare and calls on the president and Congress to submit plans on how to shore up Social Security.
The new budget calls for the repeal of Obamacare, as previous budgets have.
It also calls for increased spending on diplomatic security.