This budget cuts government spending from its current elevated level of 24 percent of the economy to 20 percent by 2015.
Relative to the President’s budget, this budget cuts spending by more than $5 trillion over the next ten years.
Relative to the President’s budget, this budget shows more than $3 trillion in lower deficits over the next ten years.
This budget sharply reduces publicly held debt as a share of GDP over its first ten years. By contrast, the President’s budget drives the debt further in the wrong direction and allows the federal government’s fiscal position to “deteriorate” after that.
The non-partisan CBO estimates that this budget will balance and begin to produce annual surpluses by 2040, and it will start paying down the national debt after that.
This budget cuts debt by tens of trillions over time relative to the President’s path to a debt-fueled economic crisis and permanent decline.