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Breakthrough: Two Budgets

We’re a little giddy around here about the fact that both the House and Senate have produced budgets this year.

Ideally, they would reconcile them and come up with a unified budget—they won’t, evidently—but having two budgets means we can tell you about the differences between the two, so YOU can decide which you prefer.

It’s, like, democracy at work! (That is, if you communicate to your representatives about it…)

So along with the summary from two weeks ago, here are a few charts, and a few highlights.

First, we have the numbers laid out in the Senate budget.

The Democratic Senate sees revenues (taxes, that is) of about $2.3 trillion in fiscal 2014, rising to a hair under $4 trillion in 2023.

(The next column, “budget authority” is the legal authority to spend. It comes before actual spending—outlays—so we’ll skip ahead to that.)

The Senate sees outlays of $2.96 trillion in 2014, rising to $4.45 trillion in 2023.

The deficit would be about $700 billion this year under the Democratic/Senate plan, and hang around $400-$500 billion for the next decade.

The government’s debt—$18 trillion in 2014—would rise to $24 trillion in 2023.

(Ignore “Debt Held by the Public”—it’s an accounting gimmick.)

S. Con. Res. 8 – Recommended Levels and Amounts
Year Revenues Budget Authority Outlays Deficits Public Debt Debt Held by the Public
2013 $2,038,311,000,000. $3,054,195,000,000. $2,956,295,000,000. $917,984,000,000. $17,113,638,000,000. $12,274,763,000,000.
2014 $2,290,932,000,000. $2,963,749,000,000. $2,997,884,000,000. $706,952,000,000. $18,008,333,000,000. $13,059,985,000,000.
2015 $2,646,592,000,000. $3,046,506,000,000. $3,082,375,000,000. $435,783,000,000. $18,626,857,000,000. $13,588,003,000,000.
2016 $2,833,891,000,000. $3,211,506,000,000. $3,240,376,000,000. $406,486,000,000. $19,222,298,000,000. $14,081,252,000,000.
2017 $2,973,673,000,000. $3,386,445,000,000. $3,382,809,000,000. $409,137,000,000. $19,871,057,000,000. $14,574,683,000,000.
2018 $3,111,061,000,000. $3,568,528,000,000. $3,542,197,000,000. $431,136,000,000. $20,558,744,000,000. $15,081,187,000,000.
2019 $3,245,117,000,000. $3,779,446,000,000. $3,749,797,000,000. $504,680,000,000. $21,312,959,000,000. $15,669,625,000,000.
2020 $3,400,144,000,000. $3,973,331,000,000. $3,926,818,000,000. $526,674,000,000. $22,094,877,000,000. $16,297,499,000,000.
2021 $3,592,212,000,000. $4,136,110,000,000. $4,103,496,000,000. $511,283,000,000. $22,863,179,000,000. $16,929,319,000,000.
2022 $3,800,500,000,000. $4,350,282,000,000. $4,323,224,000,000. $522,724,000,000. $23,634,787,000,000. $17,600,005,000,000.
2023 $3,991,775,000,000. $4,492,138,000,000. $4,451,446,000,000. $459,672,000,000. $24,364,925,000,000. $18,229,414,000,000.


The Republican House calls for taxes of $2.27 trillion in fiscal 2014, rising to $3.8 trillion in 2023. Not much different from the Democratic Senate.

The House sees outlays (or spending) of $2.82 trillion in 2014—a little less than Senate Democrats—rising to $3.7 trillion, a slower increase in spending than the Senate.

The House’s budget plan tells us something slightly different about deficits than the Senate’s. They report “on-budget’ deficits rather than total numbers. This excludes “mandatory” spending like Social Security and Medicare, so it artificially lowers the numbers. They’re not that much better than the Democrats’.

But the government’s debt of $17.7 trillion in 2014 would rise more slowly to $20.3 trillion.

H. Con. Res. 25 – Recommended Levels and Amounts
Year Revenues Budget Authority Outlays Deficits (on-budget) Debt Subject to Limit Debt Held by the Public
2014 $2,270,932,000,000. $2,769,406,000,000. $2,815,079,000,000. -$544,147,000,000. $17,776,278,000,000. $12,849,621,000,000.
2015 $2,606,592,000,000. $2,681,581,000,000. $2,736,849,000,000. -$130,257,000,000. $18,086,450,000,000. $13,069,788,000,000.
2016 $2,778,891,000,000. $2,857,258,000,000. $2,850,434,000,000. -$71,544,000,000. $18,343,824,000,000. $13,225,569,000,000.
2017 $2,903,673,000,000. $2,988,083,000,000. $2,958,619,000,000. -$54,947,000,000. $18,635,129,000,000. $13,362,146,000,000.
2018 $3,028,951,000,000. $3,104,777,000,000. $3,079,296,000,000. -$50,345,000,000. $18,938,669,000,000. $13,485,102,000,000.
2019 $3,149,236,000,000. $3,281,142,000,000. $3,231,642,000,000. -$82,405,000,000. $19,267,212,000,000. $13,648,470,000,000.
2020 $3,284,610,000,000. $3,414,838,000,000. $3,374,336,000,000. -$89,726,000,000. $19,608,732,000,000. $13,836,545,000,000.
2021 $3,457,009,000,000. $3,540,165,000,000. $3,495,489,000,000. -$38,480,000,000. $19,900,718,000,000. $13,992,649,000,000.
2022 $3,650,699,000,000. $3,681,407,000,000. $3,667,532,000,000. -$16,833,000,000. $20,162,755,000,000. $14,154,363,000,000.
2023 $3,832,145,000,000. $3,768,151,000,000. $3,722,071,000,000. $110,073,000,000. $20,319,503,000,000. $14,210,984,000,000.



So there are the differences between the two.

Looking at numbers seems quite calming compared to listening to the horror stories that the two parties seem to tell about each other.

That’s why we’re feeling giddy around here—about having two budgets to look at!

Visitor Comments for Breakthrough: Two Budgets RSS 2.0

John Roane

There isn’t enough cutting it either butget. SS retirement age must move out to 71years for all under 50 years old and those over moves to 68 years unless you have already reached your 58th brithday.

Carol Mahr

Ye gads–if Soc Security and Medicareare not in the budget then how can the house even call it a budget? Those 2 items are the real weights in terms of costs along with other retirement and health care committments in our mandated social programs.
Does either party or/ branch of government face these huge problematic issues involved in the budget process?

Joe

The government has for years been stealing money from social security, forcing the elderly to live on fue pennys, while they set at home drinking wine eating steaks and living high on the hog. I want someone to let me know when the government is going to repay us the money that owe us, and stop giving social security to people has never paid a penny into social security, people that was not even form american. YES YES I AM MAD AS HELL!!!!. I dont know why I wright about things like this, nobody is going to see are read anyway.

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