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FY 2014 Budget in Comparison
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Fiscal Year 2014 Budgets in ComparisonAs of April 8, 2013
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PolicyHeritage Plan: Saving the American Dream (version from December 11, 2012)Ryan House BudgetRepublican Study Committee BudgetMurray Senate BudgetHouse Democratic BudgetPresident Obama's Budget
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Balanced Budget in 10 Years or Less?

Stays in Balance?
YES. Balances in less than 10 years at 18.5 percent of GDP.

YES. Stays balanced.
YES. Balances in 10 years at 19.1 percent of GDP.

UNKNOWN.
YES. Balances in four years at 18.6 percent of GDP.

UNKNOWN.
NO. Spending average is 21.7 percent of GDP, revenues 19.3 percent.

NO. Never balances.
NO. Spending average is 21.9 percent of GDP, revenues 19.1 percent.

NO. Never balances.
Budget pending.
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Social SecurityImmediately adopts chained CPI and focuses benefits on less affluent through means-testing.

Gradually increases the age of eligibility for full retirement to 68 and early retirement to 65, then indexes both to longevity.

Eliminates taxation of Social Security income.

Phases in a secure, flat benefit.
No policy change despite Social Security's financial challenges.

Alters a current-law "trigger" requiring the President and Congress to present Social Security solvency proposals under certain circumstances.

Important reforms are missing.
Adopts chained CPI as a more accurate inflation measure for the COLA that saves $127 billion over 10 years.

Slowly increases the Social Security full-retirement age for individuals born in 1962 to eventually 70,
an important change that's phased in too slowly.

Does not alter the early retirement age or index to longevitiy.
No change despite Social Security's financial challenges.

The trust fund will be depleted by 2033, and beneficiaries face a 25 percent cut in benefits.

The longer lawmakers wait to ensure solvency, the more drastic and severe the policy changes will need to be.
No change despite Social Security's financial challenges.

Asks that the President and Congress work on closing Social Security's funding gap beyond 2033 without "privatization" but includes no proposals.
Budget pending.
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ObamacareRepeals Obamacare in its entirety and replaces it with a true patient-centered, market-based health care model.

Reforms the tax treatment of health insurance and introduces common-sense insurance market reforms.
Repeals Obamacare bu retains the revenue levels assumed by Obamacare and keeps Medicare "savings" assumed by Obamacare but keeps them in Medicare.

Allows employees to use their employer health coverage contributions to purchase a health insurance plan of their choice.
Repeals Obamacare but retains the revenue levels assumed by Obamacare and keeps Medicare "savings" assumed by Obamacare within Medicare. Maintains all of Obamacare's provisions, which create two new entitlements that are unsustainable, adding over $1.8 trillion in new spending from 2013 to 2023.

Claims $275 billion in new, yet unspecified, health care savings.
Maintains all of Obamacare's provisions, which create two new entitlements that are unsustainable, adding over $1.8 trillion in new spending from 2013 to 2023. Budget pending.
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MedicareStructural Medicare reform in five years.

Introduces competition to reduce costs and improve quality through government defined contribution financing, “premium support.” This allows beneficiaries to choose either approved private plans or traditional Medicare to receive their Medicare benefits.

Introduces immediate reforms, such as increasing premiums for upper-income beneficiaries and raising the age of eligibility in transition to premium support.
Structural Medicare reform in 10 years.

Introduces competition to reduce costs and improve quality through government defined contribution financing, “premium support.” This allows beneficiaries to choose either approved private plans or traditional Medicare to receive their Medicare benefits.

Increases Parts B and D premiums for upper-income beneficiaries.

One weakness is grandfathering those 55 and older at a time when immediate reform is of the utmost urgency.
Structural Medicare reform in five years.

Introduces competition to reduce costs and improve quality through government defined contribution financing, “premium support.” This allows beneficiaries to choose either approved private plans or traditional Medicare to receive their Medicare benefits.

Increases premiums for upper-income beneficiaries.

Raises the age of eligibility starting in 2024.

Moves Medicare to premium support five years sooner than the House budget would.
No change.Claims $141 billion in new savings through “efficiency improvements.” Budget pending.
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MedicaidProvides tax credits to low-income Americans (including non-disabled currently on Medicaid) to purchase private insurance of their choice.

For the Medicaid disabled population, provides block grants to states (based on FY 2009 spending levels for the disabled and indexed to medical inflation and population growth thereafter) and recommends greater flexibility to the states to meet the needs of this vulnerable population.
Provides block grants to the states (indexed to inflation and population growth) and recommends giving states more flexibility to meet the needs of the Medicaid population. Provides block grants to the states (based on FY 2014 spending levels) and recommends giving states more flexibility to meet the needs of vulnerable citizens.

Not indexing Medicaid spending for inflation or beneficiary growth is extreme and threatens to reduce Medicaid beneficiaries' access to care.
No change.No change.Budget pending.
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DefenseFully funds national defense at about 4 percent of GDP.

Roots out waste and inefficiency and uses the savings to meet critical defense needs.

Initiates reforms in logistics and acquisitions processes and modernizes the force.
Maintains defense budget at Budget Control Act cap levels and eliminates sequestration.

Base defense spending grows from $552 billion in FY 2014 to $678 billion in FY 2023, approximating Heritage levels.
Same as HBC budget. Inadequately funds defense at $583 billion below the House level over 10 years.Inadequately funds defense at $562 billion below the House level over 10 years.Budget pending.
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TaxesEliminates current income taxes, the death tax, taxes on investment, and most excise taxes and introduces a simple and transparent flat tax capped at 18.5 percent of GDP.

No taxes on savings.

Three deductions: optional mortgage interest, charitable donations, higher education.

Two tax credits: the EITC and a credit for individuals to purchase health insurance.

One rate: about 28 percent for individuals and businesses.
Lowers top individual and corporate income tax rates to 25 percent and has two brackets.

Regrettably, keeps the revenues from both the fical cliff tax hike and the Obamacare tax increases.

Revenue is above the historical level at 19.1 percent of GDP in 2023.
Introduces an optional system with two rates: 15 percent and 25 percent with a deduction ($25,000 per family) and personal exemptions ($12,500 for each dependent).

Lowers the corporate rate to 25 percent.

Repeals the revenue increase from the fiscal cliff tax hike but, regrettably, retains the revenue from the Obamacare tax increases.

Revenues at 18.8 percent of GDP in 2023. Will struggle to raise projected revenue with these tax policies and a top rate at 25 percent.
Raises taxes by $1.5 trillion over the next 10 years by eliminating "loopholes," or deductions, exemptions, and credits.

Does not specify which loopholes to close, leaving those decisions up to the Senate Finance Committee.

Revenue at 19.8 percent of GDP in 2023.

More tax increases won't balance the budget but would hurt growth.
Raises taxes by elminating corporate tax exemptions and credits and places a limit on deductions for upper income-earners.Budget pending.
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OtherReturns federal antipoverty spending to pre-recession (FY 2007) levels when unemployment drops and puts inflation-indexed caps on future antipoverty spending. Introduces work requirements for able-bodied adults. 

Returns non-defense discretionary spending indexed for inflation to 2008 levels.

Replaces farm subsidies  with savings accounts.

Reduces total federal K-12 spending to 2000 levels by eliminating ineffective and duplicative programs. Targets Pell Grants to the low-income students they were designed to serve.
Consolidates the federal government’s 49 job training programs and takes first steps at reining in farm subsidies.

Reinstitutes work requirements from the 1996 welfare reform and asks states to root out fraud and abuse in the food stamps program and creates work requirements and time limits for able-bodied food stamp recipients.
Reduces non-defense discretionary spending from $398 billion in 2014 to $392 billion in 2023.

Insufficient details beyond small and limited cuts from eliminating the Economic Development Administration and the Energy Efficiency and Renewable Energy program and reducing funding to Community Development Block Grants.
Spends $977 billion more in non-defense discretionary programs than the House budget over 10 years.

Suggests $100 billion in infrastructure investments and additional spending in education, job training, and the like.

Keeps record-high levels of food stamps and other means-tested welfare spending without reforms.
Replaces sequestration with tax increases immediatlely and spending cuts later.

Would spend $200 billion up front in the name of job creation.

Would increase federal intervention in education through early childhood programs.

Maintains record-high levels of food stamps and other means-tested welfare spending without reforms.
Budget pending.
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Publicly held debt as a percentage of GDP54.5 in 2022;
28.0 in 2037.
54.8 in 2023;
2037 unavailable.
Unavailable70.4 in 2023;
2037 unavailable.
70.4 in 2023;
2037 unavailable.
Details pending.
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Sourcehttp://www.heritage.org/research/reports/2012/12/saving-the-american-dream-the-fiscal-cliff-and-beyondhttp://budget.house.gov/fy2014/http://rsc.scalise.house.gov/solutions/rsc-back-to-basics-fy2014-budget.htmhttp://budget.house.gov/uploadedfiles/fy14budget.pdfhttp://democrats.budget.house.gov/committee-report/fy2014-democratic-budget-summary-and-tablesFY 2014 Budget should become available April 10 at http://www.whitehouse.gov/omb/budget
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Heritage Foundation Reactionhttp://blog.heritage.org/2013/03/12/first-look-at-ryan-budget-2014/http://blog.heritage.org/2013/03/20/the-rsc-budget-a-first-look/http://blog.heritage.org/2013/03/13/the-no-surprise-senate-budget-higher-spending-higher-taxes-no-real-balance-2/
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