Ryan’s got no tax increases, no stimulus, much more in spending cuts, and a much faster pace of deficit reduction. Here’s how the plans stack up:
The Ryan budget wasn’t the only spending document released Tuesday. The Senate Budget Committee, lead by Patty Murray, released the topline numbers of their budget as well.
It includes $100 billion in stimulus spending on infrastructure projects, $975 billion in new tax revenue through cutting expenditures, $493 billion in domestic cuts (including $275 billion in health cuts), and $240 billion in defense cuts (all numbers over 10 years). Together with the $242 billion that it saves in interest payments, it adds up to a $1.85 trillion package, split evenly between taxes and spending cuts.
The Democrats say that together with the $2.5 trillion in deficit reduction Congress has already passed, this means that Senate Democrats would have passed $4.25 trillion in total deficit reduction — enough to put debt-to-GDP on a declining path through the next decade.