A Closer Look: Comparing Spending in Ryan and Murray Budgets
This is the fourth in series of blog posts focusing on the federal budget proposals. The first focused on Chairman Ryan’s plan, the second on the Senate Democrats’ plan, and the third highlighted the differences between the two plans on tax issues.
Every year, the federal government spends our hard-earned tax dollars on wasteful, economically harmful, and immoral policies. However, since the federal government spends far more money than it takes in through taxation, it has run up enormous deficits that have ballooned the national debt. Thus it’s important to consider the differences between the Ryan and Murray budgets on how they propose to deal with the government’s enormous spending addiction and the unsustainable debt crisis that it is creating.
Over the course of the next ten years, Chairman Ryan’s budget spends over $41 trillion while Chairman Murray’s budget spends just over $46 trillion. Both proposals are lower than the CBO February baseline, which projects that the federal government will spend $47 trillion over the next ten years under current law.
Even though both budgets have less total spending than the CBO baseline, neither budget proposal cuts spending, technically speaking. Instead, both budgets slow the rate of growth at which federal spending increases (see the chart below)—the key difference is that Chairman Ryan’s budget slows the rate of growth at a steeper rate (roughly $4.6 trillion over ten years) while Chairman Murray’s budget only barely slows the rate of growth (roughly $700 billion over ten years).