Democrat budget’s smallest deficit: $407 Billion
posted at 10:10 am on March 14, 2013 by Guy Benson
Ed’s already covered the $500 billion tax hike surprise buried inside the Reid/Murray budget. It’s also worth noting that their blueprint’s purported “spending cuts” entail hundreds of billions in phony war “savings.” Basically, they exploit the CBO baseline — which, by protocol, must include the unrealistic assumption that war expenditures will continue at the present level for the next ten years. The Democrats claim eight years of illusory “cuts” derived from not earmarking dollars for Afghanistan that were never going to be spent anyway. But even with all of the tax hikes and smoke-and-mirrors cuts factored in, this budget never even approaches balance. The closest it comes is a $407 billion annual deficit in 2016, according to sources on the Senate Budget Committee. That number then creeps higher throughout the remainder of the budget window. Over at Townhall, I put those figures into perspective:
Based on their own numbers, the closest Democrats say they’ll come to balancing the budget over the next ten years is in 2016, when they project an annual deficit of $407 billion. By contrast, Ryan’s budget crosses into surplus in 2023, and pushes annual deficits below the $100 billion threshold seven times in ten years. Another point of reference: President Bush’s average annual deficit was $250 billion (although it can be fairly argued that he deserves a share of 2009’s monster shortfall), so Senate Democrats’ best expected deficit is still more than $150 billion higher than Bush’s average. Also, for the record, the last time a Republican Congress and a Republican president passed a budget (FY 2007), the deficit was $161 billion, even with two active wars at their peak.
Overall, Democrats propose spending ~$46.4 Trillion over the next ten years, nearly $5 trillion more than the GOP plan calls for, and hundreds of billions more than our current bloated path.