House Republicans are reportedly going to release their new budget next week. The big question is whether the Republican budget will be a balanced budget. For all the talk about their newfound fiscal responsibility, Washington Republicans have yet to introduce a single budget that meets the simple test of balancing over 10 years. That doesn’t seem like too much to ask.
Talk of fiscal responsibility has increased among Republicans in Washington over the past couple of years. The Ryan budget from last year was a big improvement. The Cut, Cap and Balance proposal that Republicans came up with during the debt debate was also a much better plan than they had been previously willing to support. And after years of overseeing massive government growth, Republican leaders these days repeatedly claim that they finally “get it.” They say they have learned their lessons and gone back to the party’s basic beliefs in small government and fiscal responsibility. Have they really? We will find out next week when the new Republican budget comes out.
Budgets in Washington are 10-year documents, so asking for balance is not a very radical notion. It may be impossible to balance the budget next year, but 10 years from now? That should be doable, especially since revenues are not a problem and no tax increases are needed. Revenues over the coming 10-year period are already forecast to rise above their historical average. A responsible policymaker not wedded to the overwhelming and inefficient system that we currently have should be able to cut spending, cut future taxes and still balance the budget over 10 years.
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