The Republican Plan as recounted by Rep. Paul Ryan.
Rep. Paul Ryan (R-WI), one of the main architects of the budget proposal said during a press conference on the budget announcement, “This is a budget with real policies and real numbers. … We’re going into an ocean of red ink in this country. There will be a time when others won’t buy our bonds.”
The Heritage Foundation already has several reports which analyze the Republican budget proposal. In summary, here are some bullet items:
Borrows $3.6 trillion less than the President’s budget; Would create $23,000 less debt per household than the President’s budget; Keeps federal spending just above 20 percent of the gross domestic product (GDP)—the same level as before the recession; Avoids all tax increases and even simplifies the overly complex tax code; Includes a temporary moratorium on earmarks; and Begins reforming the unsustainable costs of Social Security, Medicare, and Medicaid.
I have already covered the Obama budget and how it leaves the American people with more debt than has been accumulated by all previous presidents combined. The Heritage Foundation notes the following:
Freezes non-defense, non-veterans discretionary spending at its current level for five years—which should be affordable for domestic programs whose budgets have significantly expanded since 2001; Reforms entitlement programs like Medicare and Medicaid, which are currently growing 8 percent annually; Takes back stimulus spending that would be spent in 2010 and beyond, when the recession is expected to be over; and Places a moratorium on earmarks until the system can be cleaned up.