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Budgets in Comparison: Will President Obama’s Budget Save the American Dream?
Posted By Romina Boccia On April 9, 2013 @ 5:19 pm In Obamacare | Comments Disabled
When the President’s budget comes out Wednesday, it will complete the last piece of the budget puzzle, as the House and Senate have each duly passed a budget according to law. Never mind that the President’s budget is supposed to lead  Washington budget discussions, rather than follow.
The key question is: Which of the five major budget proposals provides the leadership necessary to rein in growing spending, especially on entitlement programs, and create a growth agenda? A strong benchmark is needed to compare the relative merits of these budgets regarding the six goals any budget should meet .
The Heritage Foundation has prepared a table (which you can download here ) that compares budgets passed in the House and Senate, the Republican Study Committee (RSC) plan, and the House Democrat plan with Heritage’s flagship plan, Saving the American Dream .
Here are the highlights for each of the six budget goals:
Federal spending and debt are growing at a dangerous rate, and economic growth and job creation will be significantly harmed  if lawmakers fail to correct course.
President Obama’s budget will break records, regardless of its content since it will be more than 2 months late and arrive after the House and Senate budgets. Reports indicate that it would make minor changes to Social Security and Medicare, while spending more on infrastructure and raising taxes yet again. Some changes will be welcome, but many others will not be. In the end, what will matter is whether sound policy changes to rein in spending, balance the budget, and stabilize the debt—similar to the proposals in the Heritage plan—are put into law.
Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/04/09/budgets-in-comparison-will-president-obamas-budget-save-the-american-dream/
URLs in this post:
 Image: http://blog.heritage.org/wp-content/uploads/2014Budget130409.jpg
 the President’s budget is supposed to lead: http://blog.heritage.org/2013/03/14/house-vs-senate-budget-chart-what-a-balanced-budget-looks-like/
 goals any budget should meet: http://www.heritage.org/research/reports/2013/03/what-the-fy-2014-budget-should-do
 download here: https://docs.google.com/spreadsheet/ccc?key=0Asse_y_wFVyIdEc2dTZVNjNQclpneW8wQ3RXdUdKX3c#gid=0
 Saving the American Dream: http://www.heritage.org/research/reports/2011/05/saving-the-american-dream-the-heritage-plan-to-fix-the-debt-cut-spending-and-restore-prosperity
 balances the budget in 10 years and maintains balance thereafter.: http://www.heritage.org/research/reports/2012/12/saving-the-american-dream-the-fiscal-cliff-and-beyond
 fully funds capabilities and modernizes the forces: http://blog.heritage.org/2013/04/04/heritages-response-blueprint-for-a-sustainable-and-strong-department-of-defense/
 the biggest spending program today: http://www.heritage.org/research/reports/2012/10/federal-spending-by-the-numbers-2012
 implementing: http://blog.heritage.org/2013/03/25/three-reasons-for-social-security-to-use-chained-cpi/
 an additional $1.8 trillion: http://www.realclearpolitics.com/articles/2013/02/05/health_care_and_the_debt_deal_116927.html
 New Flat Tax: http://www.heritage.org/research/reports/2011/12/the-new-flat-tax-easy-as-one-two-three
 economic growth and job creation will be significantly harmed: http://www.heritage.org/research/reports/2013/02/how-the-united-states-high-debt-will-weaken-the-economy-and-hurt-americans
 The Foundry: http://blog.heritage.org/
 Google Spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0Asse_y_wFVyIdEc2dTZVNjNQclpneW8wQ3RXdUdKX3c&usp=sharing
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