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:
- 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
- Never exceeds $12 trillion in debt held by public
- Creates $2.6 trillion less in deficit spending relative to the President’s Budget
- Extends all the 2001 and 2003 tax relief
- Permanently patches the Alternative minimum tax
- Repeals Obamacare taxes
Read the full budget proposal here.