This week, Republican Congressman Paul Ryan will propose his budget. His budget will accomplish the goal of balancing the budget in 10 years, but there is one essential way in which he accomplishes this: Repealing ObamaCare.
Ryan's budget will spend $5 trillion less than current projections and slow the rate of spending growth to 3.4% per year, versus the current 4.9% spending growth per year. Medicare for those under 55 would change into a premium support plan while Medicaid would become a block grant program run by the states. But Ryan insists that we would be unable to do all of this and balance the budget without the repeal of ObamaCare. When challenged by Fox New Sunday's Chris Wallace about the plausibility of a repeal actually passing, this was Ryan's response: “Well, we believe it should. That's the point. This is what budgeting is all about, Chris. It's about making tough choices to fix our country's problems.”
In the Senate, it's been 1412 days since Democrats have developed a budget. It looks like that is going to change this week as members of the Senate Budget Committee are expected to debate a budget resolution. A Democrat plan will almost assuredly include more tax revenues and additional stimulus spending. Their willingness to make reforms to entitlements – the largest driver of our deficits – remains to be seen.