Paul Ryan Previews Upcoming Budget
House Budget Committee Chairman Paul Ryan (R-WI) will release his budget proposal for the coming fiscal year Tuesday, with the ambitious goal of balancing the budget in 10 years.
“We don’t have to do too much” to balance the budget in 10 years, Ryan explained, because of a new fiscal outlook the Congressional Budget Office produced earlier this year.
Policies implemented by the Obama administration have produced the more favorable outlook, among them the tax increase on the wealthy, which is to bring in about $600 billion in revenue.
Ryan says it is fair to say his job is made easier by these policies he campaigned against as the GOP vice-presidential nominee, but he adds he has no interest in re-litigating some of these issues either.
He also gave “Fox News Sunday” some details of his forthcoming blueprint.
Ryan said the proposal looks similar to his FY 2013 plan, which would cut about $5 trillion in spending over 10 years.
Ryan specified that these are cuts in the rate of growth, not absolute cuts.
In fact, Ryan said, his budget will grow spending 3.4% a year, and still cut $5 trillion.
Ryan also made clear his budget proposal will seek to repeal the Obama health care law, as did his plan last year.