The GOP budget plan Paul Ryan is putting forward in the House is filled with ambitious numbers, big and small. The bottom line: reduce the national debt and the interest payments to service it.
Paul Ryan, in his latest House budget plan, is certainly ambitious in his goals.
Balance the budget in 10 years. Avoid the military cuts occurring in the current federal “sequester.” Streamline the tax code without raising taxes. Make entitlement programs sustainable. Make the public debt go down, not up.
Representative Ryan urged all those things Tuesday and more, in his role as chairman of the House Budget Committee. The targets in the committee’s new budget plan are in some cases hard to achieve simultaneously.
And they’re controversial. Ryan blended candor with understatement when he said President Obama would “probably not” sign on to all the Republican ideas. The White House didn't disappoint, saying in a statement that the budget's math "doesn't add up" and that Mr. Obama considered the proposal "the wrong course for America."
Here’s a tour of Ryan’s proposal, with each stop headlined by an eye-popping number from the House budget document.
That’s how much the nation would spend on interest payments alone, during the 2023 fiscal year, even if Ryan’s big spending cuts were enacted and the nation balances its budget.
Without any change from current policies, debt payments in that year would total $857 billion, the Congressional Budget Office (CBO) calculates.
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