(3 pm. – promoted by ek hornbeck)
A balanced budget with a surplus? No way not happening. Well it seems that there is a counter proposal by the Congressional Progressive Caucus that does just that.
The CPC proposal:
• Eliminates the deficits and creates a surplus by 2021
• Puts America back to work with a “Make it in America” jobs program
• Protects the social safety net
• Ends the wars in Afghanistan and Iraq
• Is FAIR (Fixing America’s Inequality Responsibly)
What the proposal accomplishes:
• Primary budget balance by 2014.
• Budget surplus by 2021.
• Reduces public debt as a share of GDP to 64.1% by 2021, down 16.5 percentage points from
a baseline fully adjusted for both the doc fix and the AMT patch.
• Reduces deficits by $5.6 trillion over 2012-21, relative to this adjusted baseline.
• Outlays equal to 22.2% of GDP and revenue equal 22.3% of GDP by 2021.
There was debate this morning in the House about the austerity budget put forward by Tea Party Rep. Paul Ryan’ (R-WI) that decimates Medicaid and Medicare. When Rep Keith Ellison asked Rep. Todd Rokita (R-IN) when the Ryan budget plan would produce a surplus, Rokita was clueless:
ELLISON: When does the Ryan budget create a surplus?
ROKITA: The budget proposed and voted on by the committee – […]
ROKITA: With responsible, gradual reforms to the drivers of our debt, like Medicare and Social Security, this budget will balance –
ELLISON: I asked the gentlemen when the Ryan budget created a surplus. He could have given me a year. He didn’t. That’s because he’s probably embarrassed about when that is. Let me tell you when the Progressive Caucus comes to surplus: 2021. That is known as a responsible budget.
According to the Congressional Budget Office (CBO), Ryan’s budget will not produce a surplus until 2040 (pdf). The Economic Policy Institute looked that the Progressive Caucus budget. Their analysis said that it who produce a $30.7 billion surplus in 2021 (pdf).