Today, the Congressional Budget Office released its analysis of the President's fiscal year 2015 budget. Based on CBO's analysis, the President's plan would increase spending by $1.1 trillion and raise taxes by almost $1.4 trillion over the next ten years. And unlike the House Republican plan, his budget would never balance--ever. Instead, it would run a $746 billion deficit in fiscal year 2024. Under CBO's revised estimate, the President's budget deficits would be $1.6 trillion higher than what he presented to Congress last month.
Upon release of the CBO report, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement:
"This new report is just more confirmation: The President's budget would take us in the wrong direction. It would take more from families to spend more in Washington. It would hollow out our national defense. It would weaken key priorities like Medicare. And it would never balance the budget--ever.
"That's why I'm proud that the House passed the Republican budget. Our plan would balance the budget in just ten years and help grow the economy. By getting our debt under control and advancing other pro-growth policies, it would strengthen our economy and help create jobs. The people deserve a government that works for them, not one that buries them in more debt."