“House Republicans would dismantle Medicare,” the summary of the Senate Budget Committee stated. “They would slash the investments in infrastructure, education, and innovation that we need to lay down a strong foundation for broad-based growth.”
What’s needed now is to reach out for potential common ground, senators of both parties said. Both sides agree on the need to replace the “sequester,” the automatic spending cuts that will remain in place for 10 years unless some alternative fiscal plan is reached.
Here’s a tour of the Democratic plan and how it contrasts with the House Republican plan put forward Tuesday by Representative Ryan.
The plan envisions equal amounts tax revenue and spending cuts to reduce deficits by $1.85 trillion over the 10-year budget window. The cuts included in this tally would replace those of the sequester.
This, combined with spending cuts and tax hikes already enacted over the past two years, would amount to total deficit reduction of more than $4 trillion, a goal that President Obama has set. That would be enough to keep the national debt from rising as a share of gross domestic product (GDP) over the next decade.