Rand Paul Offers Five-Year Balanced Budget Proposal

Senator Rand Paul (R-KY) introduced a “five-year balanced budget plan” today, according to a press release from his office.

He was joined by Senators Jim DeMint (R-SC) and Mike Lee (R-UT) at a press conference announcing the proposal.

A fact sheet notes key provisions in the budget:

SPENDING:

  • Brings spending near historical average in very first year
  • Reduces spending by nearly $4 trillion relative to the President’s budget
  • Achieves a $19 billion surplus in FY2016
  • Brings all non-military discretionary spending back to FY2008 levels
  • Requires the process of entitlement reform, including Social Security and Medicare, with final implementation by FY2016
    • Does not change Social Security or Medicare benefits
    • Block-grants Medicaid, SCHIP, foods stamps, and child nutrition
  • Provides the President’s request for war funding
    • Reduces military spending 6 percent in FY2012
  • Eliminates four departments:
    • Department of Commerce (transfers certain programs)
    • Department of Education (preserves Pell grants)
    • Department of Housing and Urban Development
    • Department of Energy (transfers nuclear research and weapons to Department of Defense)
  • Repeals Obamacare

DEFICITS/DEBT:

  • Never exceeds $12 trillion in debt held by public
  • Creates $2.6 trillion less in deficit spending relative to the President’s Budget

REVENUE:

  • Extends all the 2001 and 2003 tax relief
  • Permanently patches the Alternative minimum tax
  • Repeals Obamacare taxes

Read the full budget proposal here.

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1 Comment

Filed under Budget

One response to “Rand Paul Offers Five-Year Balanced Budget Proposal

  1. DanFromMo

    don’t forget to cut Dept of Ag… by 3/4 I know it is a political cash cow but hay!

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