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April 17, 2012

FY 2013 Spending Caps

Congressional squabbling over the federal budget for the 2013 fiscal year goes beyond the usual details of agency-by-agency spending, to an overlaying question: How large should the overall budget be? On March 29, the chairman of the House Committee on the Budget, Rep. Paul Ryan (R-WI), was able to get his plan passed in the Republican-controlled House on a mostly party-line vote of 228–191. HCR 112 incorporates “Path to Prosperity,” introduced last year, which calls for overall spending of $3.53 trillion, including $1.028 trillion in nondefense discretionary spending. The nondefense discretionary spending cap is $19 billion below the $1.047 trillion level set under the Budget Control Act (BCA). The GOP budget blueprint envisions a $797 billion shortfall based on revenues of $2.734 trillion. President Obama’s $3.717 trillion budget proposal for FY 2013 includes a $977 billion deficit on $2.741 trillion in revenue. Which side do you lie on?

Which side are you closer to in terms of the FY 2013 budget?

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