FY 2013 Budget Resolution Series
At a press conference today, Senate Budget Committee Chairman Kent Conrad (D-ND) put forward a budget resolution that his Committee will be marking up starting tomorrow, one that is based on the Fiscal Commission plan. He explained the logic in proposing this budget rather than a strictly Democratic proposal:
With a number of budget resolutions coming out, honest budgeting might be too much to ask for. As we took a look at the Republican (Ryan) and Democratic (Van Hollen) budgets, in fact, we found a number of gimmicks. Some of the major ones include:
Just in case the whirlwind of plans out last week gave you a headache, the Bipartisan Policy Center has a number of comparisons for all the alternative budgets that have been presented for FY 2013.
Yesterday, 38 members of the House cast votes for the bipartisan budget resolution that is modeled after Simpson-Bowles. 22 Democrats and 16 Republicans cast a vote that would buck each of their respective parties' orthodoxy on the budget: significant tax increases for Republicans and significant entitlement cuts for Democrats.
There have been a lot of claims circulating around about the "Simpson Bowles Alternative Budget Resolution" proposed by Congressmen Cooper, LaTourette, and others (see our initial praise for the proposal here). Some are true, some of misleading, and some are outright false. We wanted to clear up the confusion and separate fact from fiction.
Update: We have updated the table with outlays, revenue, and debt numbers for the Congressional Black Caucus plan.
In addition to the House Republican budget, a number of other budget resolutions have come out within the past few days (we will be writing about them, too). However, one budget distinguishes itself from the others: the alternative proposed by Reps. Jim Cooper (D-TN) and Steven LaTourette (R-OH). Why?
One of the more complicated aspects of Rep. Paul Ryan's (R-WI) budget is what he does with the sequester that will take effect on January 2, 2013 due to the failure of the Super Committee. From 2013-2021, the sequester is scheduled to reduce the deficit by $984 billion, with $66 billion coming in 2013. The sequester essentially has three parts: cuts to defense spending, cuts to non-defense spending, and cuts to mandatory programs, including Medicare (limited to two percent).
With Congressman Paul Ryan's (R-WI) new budget comes an interesting piece of good news: an apparent agreement between House Republicans and President Obama on the need to hold Medicare cost growth to GDP plus 0.5 percent per beneficiary in the long-term.