Ryan Hints His Budget Plan Can Wipe Out Deficit Within a Decade

Published Mar 22, 2014. By Carol Patterson .

House Budget Committee Chairman Paul Ryan signaled Thursday that he intends to present an aggressive new budget plan that would put an end to nation’s deficit within a decade.

With November mid-term elections only a few months away, speculations that Congress may try to lash out a new fiscal budget for 2015 have been on the rise. The idea was first fueled by Senate Budget Committee Chairwoman Patty Murray (D-WA), who hinted last month that a two-year budget document she and Ryan worked on may form the basis of the new spending levels by the Senate.

Stressing upon bipartisan cooperation, Murray said that the new plan will help end economic uncertainty for families and businesses, insisting that it would be best if the process to re-litigate it begins soon.

Despite the lack of appetite of Republicans for a new budget, Ryan’s chief spokesman said today the chairman plans to push ahead.

"We don't have any announcements to make at this time,” William Allison, Ryan’s press secretary said, according to a report by Yahoo News. “It is Chairman Ryan's intent to again put forward a balanced budget."

As an example of what will comprise of his new budget plan, earlier this month Ryan released a report criticizing government’s anti-poverty polices and renewing Republicans’ effort to overhaul current social program.

The report, entitled “The War on Poverty: 50 Years Later," critically analyzed federal assistance policy areas including cash aid, education and job training, energy, food aid, health care, housing, social services and veterans affairs. However, with the mid-term elections inching closer, a lot of people want to see the fight postponed until November.

“I really would like to see Ryan do a budget because I think it’s important to have one out there from the Republicans,” says Robert L. Bixby, executive director of the Concord Coalition, a government spending regulatory body. “But I can sort of sense that a lot of Republicans don’t think they need to do one. And politically, why emphasize the magnitude of spending cuts that would need to be made to get down to a balanced budget with ten years? Why do that in an election year?”

The Murray-Ryan budget deal is not very different from the $3.9 trillion deal for fiscal 2015 that was unveiled by President Obama earlier this month. It, however, includes $56 billion in more funding to agencies which will be offset by $28 billion spending cuts and tax hikes.