Remember that Budget Plan, then Republican Presidential nominee Mitt Romney and then Vice President/current Congressman Paul Ryan announced as their financial plan for the U.S.??? The budget that was famously connected to the "47% of Americans" comment...well its BBAAACCKKKK!
Yesterday the House debated Rep.Paul Ryan (R) budget H.Con.Res.96 along with 2 alternative budget plans; The "Better of Budget" by the Progressive Caucus and the 2014 CBC Budget by Congressional Black Caucus. But as you can imagine the main focus was on Rep..Ryan's budget. Now is it different? Not really, it is structurally the same. However, what is different is the current state of the economy, which allows for what I call "creative adding". Here is the break down of whats in the budget from my research:
- $5 Trillion (yup that's a T) in spending cuts to non-defense discretionary funding.
*TIME OUT* What is non-defense discretionary funding you ask??? Its anything the federal government would fund that has nothing to do with defense. Sooo...that crappy road you drive down each morning hoping not to get a flat...Yea the construction you wish will happen to fix that road isn't going to happen, because the government won't have the moneyyyy.
- This cut will take spending $791 Billion below current Sequestration cuts
- $1.3 Trillion below the amount required to maintain current services
- Keeps the savings from the ACA (Obamacare) roughly $2Trillion but will repeal all of the ACA benefits
- Medicare will become a voucher program and Medicaid will be a block grant.
- Cuts SNAP (food stamps) by $125 Billion
- Adds $483 Billion to the defense budget..and claims an additional $966 Billion in cuts to "other mandatory" non specific programs.
As for taxes?? The short and sweet version: Lower the corporate and individual tax rate to 25% and repeal the AMT. The AMT
(alternative minimum tax) is basically an exemption, so if you are paying the AMT rate, you are paying more in taxes. Which most people on the higher end of the income scale sometimes pay after the exemptions like charitable giving.
A House vote on Rep.Paul Ryan (Budget Committee Chairman) fiscal 2014 budget resolution is scheduled for today. It will be one of the final legislative actions completed before the 2 week break.
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