Budget — Federal

Ryan Roundup: Everything You Need to Know About Chairman Ryan’s Budget

The Center has compiled analyses and blog posts on the budget that House Budget Committee Chairman Paul Ryan recently proposed. We will continue to update this roundup as we issue additional analyses.

 

Projected Ten-Year Deficits Have Shrunk by Nearly $5 Trillion Since 2010, Mostly Due to Legislative Changes
Recent Spending Cuts Outweigh Tax Increases 3 to 1

Since 2010, projected ten-year deficits over the 2015-2024 decade have shrunk by almost $5.0 trillion, $4.1 trillion of which is due to four pieces of legislation enacted in the intervening years.

Some 77 percent of the savings from those pieces of legislation —which include the Budget Control Act of 2011 and the American Taxpayer Relief Act of 2012 —come from program cuts, 23 percent from revenue increases. Projected deficits have also fallen because of a dramatic slowdown in health spending.

 

Greenstein Statement: President Obama's Budget Is a "Solid Blueprint"

"President Obama's new budget is a solid blueprint that would reduce deficits, alleviate poverty, and boost investment in areas needed for future economic growth, such as infrastructure, education, and research....

"The vision reflected in the Obama budget will provide a much sounder course than the one we'll likely see in the Ryan budget. That's because the Obama budget curbs lower-priority spending and unproductive special-interest tax breaks in order to make investments that the nation needs for future prosperity, reduce poverty and better reward low-paid work, and give many young children a better chance of success, while reducing mid-term and long-term deficits at the same time."

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Basics

The federal budget outlines the U.S. government’s spending plans for the coming fiscal year and how it plans to pay for that spending. The three biggest areas of federal spending in 2010 were defense and security, Social Security, and public health insurance programs, each of which made up roughly one-fifth of the budget. Roughly four-fifths of the revenue that the federal government collected to pay for these programs came from individuals, through income and payroll taxes.

Policy Basics:
- Where Do Our Tax Dollars Go?
- Introduction to the Federal Budget Process
- Deficits, Debt, and Interest
- Non-Defense Discretionary Programs

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The Center informs the debate over federal budget priorities by analyzing the President’s budget and major congressional proposals throughout the annual budget process. We pay particular attention to the adequacy of funding for programs that assist low- and moderate-income families. We also analyze long-term budget challenges and measures to address them. In addition, we promote measures to improve fiscal responsibility.

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