SOURCE: Data from the House Budget Committee, The Path to Prosperity: A Blueprint for American Renewal, March 2012; Congressional Budget Office, Updated Budget Projections: Fiscal Years 2012 to 2022, March 2012; and the Congressional Budget Office, March 2012. Compiled by PGPF.
Under Chairman Ryan's FY 2013 budget proposal, deficits would fall from 7.6 percent of GDP in 2012 to 1.2 percent of GDP in 2022 – the same level projected by CBO’s baseline. However, the cumulative 10-year deficits under Ryan's plan would actually increase by $200 billion above the baseline’s cumulative current law levels. Because its baseline includes the expiration of major tax and spending provisions that together result in lower deficit and debt projections, CBO publishes an “alternative fiscal scenario” that is more consistent with recent legislative actions by policymakers. Relative to the alternative fiscal scenario and the president’s budget, Chairman Ryan’s plan would produce substantially lower deficits.
This chart appeared as a part of PGPF's analysis of Chairman Ryan’s 2013 Budget Proposal. To read the full report, click here.
Download: Image | PDF | More Charts
Related Charts:
Projected Federal Deficits
Federal Debt, 2002-2022
Where The Growth In Spending Comes From
Long Term Federal Revenue
Aging U.S. Population in 25 Years
Peter G. Peterson Foundation Chart Pack:
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues. In this set of charts, we aim to frame the financial condition and fiscal outlook of the U.S. government within a broad economic, political, and demographic context. Download (.PDF)