Friday, December 9, 2022
Hawai'i Free Press

Current Articles | Archives

Wednesday, May 1, 2013
Comparing the House, Senate and Obama Budget Plans
By NCPA @ 11:06 AM :: 3397 Views :: National News

Comparing the House, Senate and Obama Budget Plans

From NCPA May 1, 2013

For the first time in four years, the House of Representatives and the Senate have passed their own budget plans. The Senate plan, sponsored by Patty Murray (D-Wash.), is similar to President Obama's proposed budget, which was released 10 weeks late. The House plan, sponsored by Paul Ryan (R-Wisc.), is a stark contrast to the other plans with a different approach on tax policy, overall spending levels and entitlement spending. Only the House budget proposal reflects responsible fiscal policy that places the United States on a sustainable long-term trajectory, says Peter Ferrara, a senior fellow with the National Center for Policy Analysis.

  • The House budget would return the level of federal taxing and spending to its long-term average by reducing federal spending increases by cutting $5.7 trillion over the next 10 years.
  • The reduction would lead to an 18 percent fall in the size of the federal government and would balance the federal budget after 10 years with no further tax increases.
  • In contrast, the Senate claims cuts of $975 billion in the next 10 years but realizes the cuts through vague statements like reduced Iraq and Afghanistan spending and $275 billion in savings through cutting waste and fraud.

The Senate budget involves no net cuts in nondefense spending and, like President Obama's proposal, seeks to replace the sequester with a $480 billion tax increase. The Senate budget, and Obama's budget proposal, would grow federal spending by more than $2.1 trillion, $733 billion more than the House budget.

  • Obama's budget includes $1.1 trillion in tax increases, including the Buffet tax on high incomes, while the Senate budget plan includes more than $1.5 trillion in tax increases.
  • The Senate plan would lead to record deficits of more than $500 billion in 2023 and Obama's budget projects more than $5.3 trillion in deficits in the next decade, a size that the proposed tax increases could never make up.
  • The House budget reduces public debt to 54.8 percent of gross domestic product (GDP) after 10 years, while the Senate's budget and Obama's budget reduce public debt to 70 percent and 73 percent of GDP, respectively, after 10 years.

Under the House plan, spending on Medicare and Medicaid would be the same amount mandated by ObamaCare, recent tax increases would be ratified without the Senate's additional $1.5 trillion tax hike, corporate taxes would be reduced from 35 percent to 25 percent and income taxes would fall.

Overall, only the House plan promotes pro-growth policies that will lead to economic expansion and the chance for genuine entitlement reforms to Medicare, Social Security and welfare.

Source: Peter Ferrara, "Budget Wars: The President versus the House versus the Senate," National Center for Policy Analysis, May 2013.

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Back da Blue Hawaii

Ballotpedia Hawaii

Better Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT