Paul Ryan (R-WI), Chairman of the House Budget Committee, will release his budget blueprint today in what will surely be one of the most important policy developments in Washington this year. If as expected Senate Democrats fail yet again to advance a budget for the government, then the Ryan Budget and the President’s Budget released a few weeks ago will present the leading alternatives for how the federal government would dig out of its present fiscal mess. And if the Ryan budget is anything like last year’s effort, the differences couldn’t be clearer. The Heritage Foundation is reviewing Congressman Ryan’s latest budget proposal and will provide analysis in the hours and days ahead.
President Obama, of course, has talked a good game about fiscal discipline. He’s had his commissions. He’s made his big speeches. But according to his latest offering as scored by the Congressional Budget Office, the outrageous budget deficit of $1.3 trillion this year dips to a still-amazing $488 billion in a few years despite his enormous proposed tax hikes, and then begins to soar anew as the decade proceeds.