Comparison of debt under Chairman Ryan’s budget to other budget projections
March 21, 2012
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, An Analysis of the President's 2013 Budget, March 2012. Compiled by PGPF.
Federal debt would decline as a share of the economy over the next 10 years under Chairman Ryan’s FY 2013 budget. By 2022, it would reach about 62 percent of GDP. By contrast, federal debt would be about 61 percent in 2022 under current law and 76 percent under the president’s FY 2013 budget, according to CBO estimates. Federal debt would decline under the chairman's budget because he proposes substantial spending and revenue cuts to shrink the size of government. According to the estimates prepared by the House Budget Committee staff, the chairman would reduce spending by $1 trillion over 10 years compared to current law. Compared to the president’s budget, the chairman’s proposal would reduce spending by $5 trillion. The chairman would accomplish this reduction through restructuring Medicaid, repealing the Affordable Care Act and the exchange subsidies it provides, implementing long-term Medicare reform, and cutting non-defense discretionary spending to levels well below the caps established by the Budget Control Act, which was enacted during last summer's debate over the debt ceiling.
This chart appeared as a part of PGPF's analysis of Chairman Ryan’s 2013 Budget Proposal. To read the full report, click here.
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