House Republicans Release Budget Proposal
(WHNT) – The budget proposal from the House Republicans could set a benchmark for future negotiations.
There doesn’t seem to be any way the document passes both the House and Senate as-is, but since it sets the tone for the debate, it’s worth sorting through. All 91 pages.
The stated goal of the budget proposal is to eliminate the deficit in a decade. Some claim it will cut $5.7 trillion in spending over the next ten years; others put the number at $4.6.
It’s a bit of Washington magic. Spending will still increase nine of the next ten years.
The budget proposal counts on steadily rising tax revenues to help narrow the gap.
However, it looks to build that tax revenue by cutting taxes. One of the stated goals of the budget is to reduce the tax rate for the wealthiest Americans by nearly 15%
It also looks to cut corporate taxes.
Of course there are plenty of cuts to planned spending as well – they start with repealing the president’s healthcare reform.
But it also calls for cuts to green energy, Pell grants for college students, and funds that keep student loan interest rates low.
Defense seems to be largely spared in the series of cuts.
Spending on the ‘Global War on Terrorism’ remains mostly static at around $40 billion each year for the next ten.
As far as the Department of Defense, the budget also calls for just over $560 billion in funding for Fiscal Year 2014.
That’s actually around $35 billion more than the Department of Defense estimates it will pull in for 2013.
All told, the solutions section for defense spending is just five paragraphs out of ninety-one pages. It’s short on details of what gets funded and what doesn’t.
It doesn’t explain a structure for the department over the next decade, but it does say defense will receive over $6 trillion dollars.
The budget lays out specific plans for Medicare, education cuts, and changes to the tax code – but on defense – it remains vague.