House budget chief offers $3.5 trillion budget
March 20th, 2012
10:36 AM ET
2 years ago

House budget chief offers $3.5 trillion budget

(CNNMoney) - House Republicans on Tuesday made it official: They're proposing a $3.53 trillion budget for 2013 that would kill $55 billion in spending cuts aimed at defense and make up for them with savings elsewhere in the budget.

Overall, the plan from House Budget Chairman Paul Ryan would bring in $2.73 trillion in tax revenue in 2013, compared to $3.53 in outlays, leaving next year's deficit at just under $800 billion. After that point, annual deficits would fall significantly, reaching as low as $166 billion by 2018 but then begin to climb again.

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Filed under: Budget • Congress • Paul Ryan
soundoff (22 Responses)
  1. Four and The Door

    Another controversial proposal is Ryan's call for significant changes to Medicare. His plan resembles one he put out last year with Ron Wyden, a liberal Democratic senator.
    The Ryan-Widen proposal would offer future seniors a choice of staying in the traditional fee-for-service Medicare plan or opting for a Medicare-approved private plan, all of which would be available via a new Medicare exchange.
    ___________________________________________________________________________________________
    Paul Ryan has been one guy in Washington fighting for Medicare and not giving up. This compromise leaves no room at all for partisan criticism. Except maybe from Republicans who wanted him to hold the line on his well crafted original proposal for Medicare. In any event, this is clear evidence that Paul Ryan is in Washington to get things done for Americans. Very good to see.

    March 20, 2012 10:42 am at 10:42 am |
  2. Squigman

    Cut as much as you can, but don't call attention to your pay, benefits, or retirement package. To enlighten the masses, may be hazardous to your employment as an elected parasite. PARASITE.

    March 20, 2012 10:46 am at 10:46 am |
  3. GROVER NORQUIST IS A ENEMY OF THE STATE

    Paul Ryan is back at it trying to privatize Medicare and stick grandma & grandpa with a worthless voucher. Kick rocks Ryan!

    March 20, 2012 10:55 am at 10:55 am |
  4. RealityBites

    Better. But its still pushing WAY too much debt onto our grandchildren.

    March 20, 2012 10:57 am at 10:57 am |
  5. Rudy NYC

    I listened to Paul Ryan on satelllite raddio this morning repeat the conservative delusion that significantly cutting taxes somehow increases revenue. (???) Ryan continued with the flip side delusion, that any tax increases will decrease revenue. (???)

    The inconvenience of truth didn't couldn't make him blink. He somehow presented a convincing sounding argument that increasing taxes on the wealthiest Americans would somehow increase the deficit, precipitating a financial crisis on our national debt. All was not doom and gloom, however. By reducing corporate taxes to zero on overseas money, getting rid of the AMT, and more tax cuts, Ryan argued that his plan would reduce debt over the long term by increasing it over the short term to stimulate economic growth. Isn't that pretty much what GWB said?

    March 20, 2012 11:07 am at 11:07 am |
  6. A True Centrist

    Per the left-leaning cbsnews, "the National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency. The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office."

    The reality is that we have had two failure presidencies in a row. 12 years of bickering and bad policy have led us to the brink of financial collapse. I blame both parties, both Presidents and the American people for voting George Bush into a second term. We need to make sure we don't repeat the same mistake and vote this failure of an administration back for another four years!

    The CBO has already announced that ObamaCare cost estimates have doubled for the first ten years, eight of those before anyone even receives benefits. It won't be easy but we need to slowly unwind the disastorous decisions this administration has made, starting with ObamaCare.

    March 20, 2012 11:08 am at 11:08 am |
  7. thomas

    How much did the Bush wars cost the american people ?

    House Budget Chairman Paul Ryan would kill education , repeal Obama care , increase military spending , start another war and cut taxes for the rich.

    TEA PARTY FOR COFFEE .

    March 20, 2012 11:10 am at 11:10 am |
  8. Nobodies Pon

    Oh now you want to earn your paycheck . They know their going to lose big come november its alittle to late . Paul might survive but alot of his buddies will be gone in the next election cycle

    March 20, 2012 11:25 am at 11:25 am |
  9. Scef

    More voodoo economics.

    March 20, 2012 11:29 am at 11:29 am |
  10. Bill

    What a joke, the GOP wants to go back on its word with respect to defense cuts. This bill is DOA. I can not wait until Ryan loses his seat in November.

    March 20, 2012 11:33 am at 11:33 am |
  11. DOG1

    Well, of course they want to make sure there's no budget cuts for defense. People like Ryan, Romney, Cheney and all their other rich friends are making a fortune off their investments in defense contractors. That's why they love the wars they can get us into, it makes them more profit and who cares about the dead and injured soldiers, it's never one of their family members!

    March 20, 2012 11:39 am at 11:39 am |
  12. diridi

    tax who make more than 250k or more. Cut defense. Do cut needed entitlements in the nation, such as social security, Medicare, etc. Stop H1b visas, and others. Nation needs Manufacturing, and Agriculture, not computers etc, yes, this nation need smaller homes, not big to save energy. Stop cutting forestry, Globe is heating up. Cut down on it. Focus on infrastructure, Airports, Bridges, Strict Immigration, etc,

    March 20, 2012 11:39 am at 11:39 am |
  13. Truth and Nothing But the Truth

    I wish Ryan and the Republicans would stop trying to be so responsible and honest with the American people. All it does is give the do nothing Democrats ammunition to attack and demogogue the issue while offering no solutions (or budget) of their own.

    If this country is to EVER get back on a solid financial footing again, it will need to happen AFTER Obama and the Democrats get thrown out in record numbers in 2012 for their refusal to act to stop the spending and borrowing insanity. It is very clear to the American people at this point the Democrats have no intention whatsoever to stop their spending and borrowing madness until this countyr is bankrupt.

    March 20, 2012 11:46 am at 11:46 am |
  14. Larry L

    Republicans have always know the real cash-cow for pork projects is defense spending. Can you say "Haliburton"? This is where the term "Beltway Bandit" gets it's name. Paul Ryan is the dancing monkey for the fat-cats and his plans always get paid for by taking money away from the poor and middle class.

    March 20, 2012 11:52 am at 11:52 am |
  15. robert j

    I am not an economist, but I ahve manged to eek out a decent life by using common sense . Thier is not a republican plan that is based or predicated on common sense – they are all predictaed on Party image (which their ideas are not helping much with but whats a few details?) How dothese eductaed people who really must have a brain (although most of the time it doesn't show) get up in public and spout their stupidity for the sake of their party knowing it is stupid? The people who are not in politics areas smart or smarter than they are – Wake up and talk common sense

    March 20, 2012 11:53 am at 11:53 am |
  16. Joe from CT, not Lieberman

    Based on the photo provided, it almost looks like Rep. Ryan tries to manage his own personal budget by not shaving every day. Granted, I am somewhat hirsute, myself, but when I was in a position before the public every day, I shaved every day!

    March 20, 2012 12:07 pm at 12:07 pm |
  17. quelee

    Did anyone else notice that Paul Ryan looks like an extra straight out of "Walking Dead" tv series?

    March 20, 2012 12:08 pm at 12:08 pm |
  18. Rudy NYC

    A True Centrist wrote on page 1:

    Per the left-leaning cbsnews, "the National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency. The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office." .....
    ------------
    Considering how Sen. John McCain stood on the Senate floor and denounced the Bush Tax Cuts as bad policy for our economic future, should it be any shock that our annual budget has growing deficits?

    Considering how Pres. Bush's own top economic advisor, Gov. Mitch Daniels R-IN, publicly predicted trillion dollar annual deficits within a decade just before they fired him, is it any surprise that his prediction has come true?

    If you think I am blaming Bush, then think again. I am blaming the current crop of Republicans in the Congress who refuse to allow the bush Tax Cuts to expire when they were promised to the American people to be just a temporary policy.

    March 20, 2012 12:09 pm at 12:09 pm |
  19. Marie MD

    This guy is on his way-out. This is another desperate and futile attempt to cause the most harm before being thrown out on his butt (and I hope he falls on that thumb of his)

    March 20, 2012 12:12 pm at 12:12 pm |
  20. SuperD

    Nothing is going to change until the "Takers" are out numbered by the "Givers" We have got to reduce the size of the Fed Govt.

    I'm getting tired of all the deadbeats who have "representation without taxation" While I have "taxation with representation"

    That's the biggest problem in America people.

    March 20, 2012 12:16 pm at 12:16 pm |
  21. Wire Palladin, S. F.

    Super D – I presume you are referring to the red states that get more back from the federal government than they pay in.

    March 20, 2012 12:29 pm at 12:29 pm |
  22. GonzoinHouston

    First off, this budget has zero chance of becoming law. Second, until the GOP learns how to compromise, we will have no budget nor any other form of progress. Third, and what neither party seems to grasp, is that you need different budget priorities under varying situations. When unemployment is low, you want reduced spending, a budget surplus, and tax breaks for the rich. When unemployment is high, you have increased spending, a deficit, and tax increases for the rich. The republicans have done the opposite; when unemployment was low during the W administration, they ran a huge deficit and went on a spending spree. Now that unemployment is high, suddenly they are proposing fiscal restraint.

    March 20, 2012 12:30 pm at 12:30 pm |