How realistic is a balanced budget in 10 years?
January 25th, 2013
11:29 AM ET
2 years ago

How realistic is a balanced budget in 10 years?

New York (CNNMoney) – House Republicans have put aside the debt ceiling as leverage in their fight for spending cuts. Now their goal is to balance the federal budget in 10 years.

Leading the charge will be Paul Ryan, chairman of the House Budget Committee, who is drafting the GOP's proposed 2014 budget.

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Filed under: Budget • Paul Ryan
soundoff (17 Responses)
  1. Phyllis G Williams

    Hope they will balance their own salaries and not our little retirement savings (smile)

    January 25, 2013 11:33 am at 11:33 am |
  2. S.B. Stein E.B. NJ

    It isn't even close to happening unless there is a massive influx of money and new changes to the social safety net program (and the people being supported by them don't need them because they are self sufficient or dead). Both sides of the ledger need to change; means need to spend more responsibly to increase future revenue and bring more revenue in through taxes.

    January 25, 2013 11:37 am at 11:37 am |
  3. Tea Party Member

    Why not just cut all the entitlements by 100%.

    PROBLEM SOLVED.

    We founding fathers NEVER though that the government should support the people. They thought that the government should not obstruct free enterprise. So that the people make a living on there own.

    SOCIALISM IS KILLING THIS COUNTRY.

    January 25, 2013 11:50 am at 11:50 am |
  4. Bill from GA

    We essentially had one (a balanced budget) twelve years ago. And we had a decent chance to prop up Medicare and Social Security to make it sustainable at a useable level.

    The only way now is to grow the economy, along with cuts, first to wasteful programs, and also more revenue. And it makes sense that those who benefited so much during the last twelve years pay the most.

    January 25, 2013 11:59 am at 11:59 am |
  5. Rudy NYC

    This is hilarious. Isn't Paul Ryan the same guy who just last August said, "we haven't run the numbers, yet."? He claimed his Ryan Plan would balance the annual deficit in 30 years (CBO said at least 40), but when pressed for details he responds by saying, "we haven't run the numbers, yet." Now he claims that he can balance the budget in ten years? That he can do all of this without raising taxes? That he can actualy do it by cutting them?

    Look, folks. This is the same old dirty laundry, jsut a different day. Republicans always cut taxes, which causes a deficit. Then they blame "too much spending" as being the problem. They blame Democrats for the deficits and debt, all while ballooning defense spending through the roof. If you disagree, just look at the Bush administration. What Republicans are proposing to do is no different.

    If this is their idea of "rebranding" themselves, then their party is headed for the dust bin of history. (I think Boehner quoted me on that.)

    January 25, 2013 12:03 pm at 12:03 pm |
  6. Fai is Fair

    While a balanced budget is a very good thing, the accumulated debt is the biggest problem. We're paying rock-bottom interest rates now... when market rates go up (and they inevitably WILL go up), the amount of the federal budget going to service the debt will go through the ceiling. Think the economic conditions of 2008 were bad? Fasten your seatbelt.

    January 25, 2013 12:05 pm at 12:05 pm |
  7. rs

    If it comes from the GOP, it simply isn't. They haven't yet proposed anything that doesn't GROW the deficit and Debt as yet. Until they can ween themselves off of tax cuts for the rich, we'll never get the budget going in the right direction.

    January 25, 2013 12:23 pm at 12:23 pm |
  8. Tom

    Hmmmmm, lets see now. I could listen to someone like 'Rudy NYC' who's only job it appears is posting comments on these threads or Paul Ryan who majored in economics and political science. Well, that's certainly an easy choice. I'm going with Paul Ryan.

    January 25, 2013 12:28 pm at 12:28 pm |
  9. Rudy NYC

    Today's Republicans have lost their way. They claim to follow in Pres. Reagan's footsteps, but they seem to have mised a step or two. Ronald Reagan was against big business just as much as he was against big goverment. Ronald Reagan behind the idea that a bus driver should not pay a higher percentage in taxes than a millionaire. Ronald Reagan was for building infrastructure, education, community development within large cities. About the only thing today's GOP has in common with Reagan is the name, Republican.

    January 25, 2013 12:36 pm at 12:36 pm |
  10. Rudy NYC

    Tom

    Hmmmmm, lets see now. I could listen to someone like 'Rudy NYC' who's only job it appears is posting comments on these threads or Paul Ryan who majored in economics and political science. Well, that's certainly an easy choice. I'm going with Paul Ryan.
    --------
    Your opinion still doesn't change the fact that Paul Ryan admitted that he hadn't run the numbers on his own budget.

    January 25, 2013 12:39 pm at 12:39 pm |
  11. Wise1Speak

    GOP HYPOCRISY ON THE BUDGET IS BLATANT

    1980 – 1988, (Reagan Years)
    Congressional Republicans SAID NOTHING about the budget when Ronald Reagan put the nation in debt by outspending the USSR on a nuclear arms race. But when Bill Clinton took the presidency, suddenly the Congressional Republicans led by Newt Gingrich was so passionate about the debt that they shutdown the federal government.

    2000 – 2008 (The W. Bush Years)
    Again, the Congressional Republicans SAID NOTHING when George W. Bush blew up the national debt with two unpaid for wars and a host of other unpaid for endeavors. And again on queue, the Congressional Republicans are ready to plunder the nation's and world's economies into the abyss to address the budget, when they had a chance to address it during Bush's presidency.

    January 25, 2013 01:08 pm at 1:08 pm |
  12. Palin Power

    When Sarah Palin becomes President in 2017, she will actually balance the budget in her 1st year and create surpluses in the remaining 7 years.

    January 25, 2013 01:19 pm at 1:19 pm |
  13. drjoe

    oh too bad, admire his recent efforts to be moderate!
    can we please have a socially and fiscally moderate Republican from Ga next?

    January 25, 2013 01:20 pm at 1:20 pm |
  14. Al-NY,NY

    Rudy NYC

    Your opinion still doesn't change the fact that Paul Ryan admitted that he hadn't run the numbers on his own budget.
    ---------------–

    but he (Tom) trusts him (Lyin' Ryan) anyway......go figure

    January 25, 2013 01:30 pm at 1:30 pm |
  15. steve

    I cant wait to see Ryan's budget. I expect it will leave defenae alone or incr

    January 25, 2013 01:33 pm at 1:33 pm |
  16. steve

    I cant wait to see Ryan's budget. I expect it will leave defense alone or increase it. Privatize SS and Medicare, gut Medicaid and eliminate several departments (ie Education, EPA).

    January 25, 2013 01:38 pm at 1:38 pm |
  17. Sniffit

    How realistic? Not at all.

    The only reason the GOP/TEatrolls want to stuff it into such an unrealistically short time table...which they will sell as "absolutely necessary to save the country and avoid the apocalypse"...is because the shroter the time table, the more justification they can claim to have for demanding the evisceration of Medicare and SS via deep deep cuts.

    January 25, 2013 01:41 pm at 1:41 pm |