News
CNN: Money | Where GOP budget would bite
Good news: The budget proposal unveiled Tuesday by House Republicans would dramatically reduce the country's long-term debt. But that improvement in the fiscal forecast would come at a cost.
CQ | Ryan's Budget Opens Debate on Major Issues
The budget resolution proposed by the House Budget committee chairman on Tuesday raised fundamental questions about the fate of two landmark health care programs, the size and reach of the federal government, tax policy and the nation's debt burden. It is the most sweeping statement of governing philosophy House Republicans have made since they took control of the chamber in January, and it has dialed up the political rhetoric amid talk of a government shutdown.
CNS | Ryan: Debt on Track to Hit 800 Percent of GDP; 'CBO Can't Conceive of Anyway' Economy Can Continue Past 2037
“It all comes down to this: Either you fix this problem now where we, you can guarantee people who’ve already organized their lives around these programs get what they have coming to them, or you pick the president’s path, which is do nothing, punt, duck, kick the can down the road, and then we have a debt crisis and then its pain for everybody,” said Ryan
Econ Comments
Politico | People's budget or roadmap to ruin?
After months of symbolic legislation aimed at pleasing its political base, the House Repubilcan majority Tuesday unveiled its plan for America's future. Sadly- but not surprisingly - it looks a lot like the standard right-wing schemes that reward Wall Street while kicking more Americans out of the middle class.
AEI | Eventually, the GOP Must Defend Its Budget
I am CR'ed and budgeted out, but it is hard to imagine writing about anything else in a week when the next showdown that could lead to a a shutdown is coming to a head, the House Budget Chairman Paul Ryan unveiled his long term budget this time with an official imprimatur that his individual road map lacked.
Cato Institute | This is Going to Hurt
If we are serious about avoiding the fiscal train wreck to come, we are going to have to be willing to cut even those programs we like.
Cato Institute | Federal Spending: Ryan vs. Obama
House Budget Committee Chairman, Paul Ryan, introduced his budget resolution for fiscal 2012 and beyond today entitled “The Path to Prosperity.” The plan would cut some spending programs, reduce top income tax rates, and reform Medicare and Medicaid. The following two charts compare spending levels under Chairman Ryan’s plan and President Obama’s recent budget (as scored by the Congressional Budget Office).
Atlantic: Megan McArdle First Thoughts on the Ryan Plan
The broad outlines of the plan would work, from a budgetary perspective. It reduces the deficit to a smaller percentage of GDP than either the current-law baseline or the more likely "alternative fiscal scenario". On the other hand, politically, it seems very unlikely to pass in anything like its current form--the Ryan plan actually cuts spending, as a percentage of GDP, from its historical levels.
Minyanville | The CBO Scores Paul Ryan's Budget Proposal
Minyanville's daily roundup of some of the best commentary from around the Web.
NRO | Entitlement Reform: What Next?
Paul Ryan's budget proposal jump starts the conversation on Medicare, Medicaid and Social Security.
NRO | Dems v. Ryan
The House Budget Committee chairman faces an onslaught from the Left.
NRO | A Conflict of Budget Visions
Ryan proposes to repeal Obamacare, take on the massive health care entitlements, privatize Fannie Mae and Freddie Mace, pare back agriculture subsidies, build on the success of welfare reform, and overhaul the tax code.
AEI | Ryan Steals March on Obama as Fiscal Crisis Looms
In the short term, Ryan's budget resolution will likely be adopted in the Republican-controlled House and not even considered in the Democratic-majority Senate. Most of it will probably not become law this year.
Blogs
Heritage Foundation | Ryan Budget Critics Incorrectly Attack Heritage Analysis
Except in Jeopardy!, questions usually come first, followed by answers. Likewise, when criticizing public policy studies and their underlying methodologies, it typically helps to see the policy study and methodology used before one embarks on criticism.
The Economist: Free exchange | Best budget ever
Paul Ryan has officially revealed the House Republicans' budget proposal, and we will have a detailed analysis of it up in short order. Reactions to the plan will vary (sharply, it's safe to say). But whatever your take on the policy proposals, it's worth approaching the rosy claims made on its behalf with extreme caution. Claims like:
Heritage Foundation | As the Budget Debate Unfolds, It’s Time for Grown Ups
House Budget Chairman Paul Ryan (R, WI) has proposed a budget for grown ups. Washington’s big spenders have responded with the tired clichés we expect from defenders of big government:
Marginal Revolution | The Paul Ryan budget plan
I’ve now read it and here are a few comments:
Mercatus: Neighborhood Effects | Real Spending Per Person: White House vs. Paul Ryan
Budget Committee Chairman Paul Ryan’s spending plan has been released. Both sides are going to characterize it as a $6.2 trillion dollar cut in federal spending. Of course, in Washington a “cut” is rarely a cut.
NRO: The Corner | Obama’s $73 Billion Myth
When he’s not being disingenuous, he’s being utterly dishonest. President Obama told reporters at a press conference Tuesday that House Republicans and Senate Democrats, in talks over a long-term spending compromise, have been negotiating off of the same number of cuts — “$73 billion” — the figure initially proposed by House Budget Committee chairman Paul Ryan (R., Wis.) in early February.
The Economist: Free exchange | Mr Ryan makes his mark
When Paul Ryan, the Republican fiscal wunderkind, moved from opposition to power in last year’s midterm elections, the biggest question hanging over him was whether he would bring his radical fiscal views with him or quietly stash them in a dark corner as he settled down to the realities of governing.
Reports
CBO | Long-Term Analysis of a Budget Proposal by Chairman Ryan
The Congressional Budget Office (CBO) has conducted a long-term analysis of a budget proposal by Chairman Ryan to substantially change federal payments under the Medicare and Medicaid programs, eliminate the subsidies to be provided through new insurance exchanges under last year's major health care legislation, leave Social Security as it would be under current law, and set paths for all other federal spending (excluding interest) and federal tax revenues at specified growth rates or percentages of gross domestic product (GDP). The results of that analysis are summarized in this document.
Heritage Foundation | Economic Analysis of the House Budget Resolution
This report summarizes the results of the CDA’s analysis of the House Budget Resolution using these models. As a general matter, the CDA found that implementing the policy changes behind the Budget Resolution would significantly strengthen economic performance throughout the economy and dramatically improve federal fiscal results. This analysis demonstrates that significant actions can be taken now to reform our tax code and rein in the drivers of fiscal imbalances.
