This afternoon, the Congressional Budget Office (CBO) released an analysis of the President's fiscal year 2014 budget. CBO found that the President's budget would add $115 billion more to the deficit in 2014 than if we just did nothing. The CBO estimates that the President's budget increases taxes by $974 billion. As a result of spending $46.5 trillion over the next decade, the budget ends with a $542 billion deficit in FY2023. By contrast, the House-passed budget balances by 2023.
House Budget Committee Chairman Paul Ryan of Wisconsin released the following statement:
"This new report shows that the President's budget doesn't come close to solving the problem. The federal government will take in a record haul over the next ten years. And the President wants yet another massive tax hike. But under his plan, we'll keep adding to the debt--at an alarming rate. The government is taking more from hardworking taxpayers only to spend more in Washington."
Contrast in visions:
-Change in spending over the next decade
*Without the gimmicks, the President's budget increases spending by $853 billion.
*House-passed budget decreases spending by $4.6 trillion.
-Change in revenue over the next decade
*President's budget increases taxes by $974 billion.
*House-passed budget advances revenue-neutral tax reform.
*President's budget: Never
*House-passed budget: 2023