Romano: Paul Ryan’s Budget Deal Worse Than It Looks
A $63.2 billion proposed increase in spending canceling almost 35 percent of the sequester cuts scheduled for 2014 and 2015 will be offset by just a $6.25 billion cut to spending and a $269 million increase of revenue in those years, reports the Congressional Budget Office (CBO).
The other $78.5 billion of so-called “deficit reduction” to be achieved under the proposal will not occur until 2016 through 2023, including $28 billion of proposed cuts to defense and non-defense spending that are not set to occur until 2022 and 2023.
“The supposed out year cuts are simply a cynical insult to taxpayers who now know that when push comes to shove, the cuts will not be kept,” Americans for Limited Government President Nathan Mehrens warned in a statement issued after the deal was announced.
“This is just one more example of how out of touch our national leaders are to the real priorities of the American public,” he added.
The eleventh hour deal struck by lawmakers will reduce the defense sequester by 41 percent for 2014 ($22.4 billion) and by 17 percent ($9.2 billion) in 2015, and the non-defense sequester was reduced by 61 percent for 2014 ($22.4 billion) and by 25 percent in 2015 ($9.2 billion).
Meaning even the spending increases called for in canceling sequestration will disproportionately favor non-defense spending, just as cuts in the original sequester disproportionately hit defense spending.
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Robert Romano is senior editor of Americans for Limited Government.