Today, Chairman Paul Ryan released his final budget blueprint as head of the House Budget Committee (leadership is limited to six year terms). The budget stands in sharp contrast to the vision reflected in President Obama’s 2015 budget proposal, released last month.
The House GOP budget balances in ten years. The President’s budget never balances.
The House GOP Budget does not raise taxes. Instead, it lays out principles for tax reform – such as lowering the corporate rate to 25 percent – and instructs the Ways and Means Committee to pursue comprehensive reform. The President’s budget increases taxes by over $1 trillion (and did we mention it STILL doesn’t achieve balance?).
The budget will bring spending far below its historical average of 21 percent, actually creating an operating surplus by the end of the ten year window. The President plans to maintain structural deficits in perpetuity.
The President would keep entitlement programs barreling towards bankruptcy, while the House budget plan will allow seniors more choices for Medicare coverage, and reverse the program’s death spiral.
By restructuring federal Medicaid and welfare spending as block grants, the House blueprint empowers state and local governments to tailor Medicaid and other assistance programs to their own populations’ needs. The President would increase spending on these programs without any reforms that ensure their efficiency or solvency.
The Chairman’s mark repeals the Affordable Care Act, and with it the uncertainty created by its haphazard enforcement by the administration. The President would double-down on the job-killing law and maintain its 20 new or higher taxes on American families and businesses.