The recent release of budget plans for fiscal year 2014 makes a proper perspective of projections of public debt even more important. This week’s chart shows the debt held by the public as a percentage of the gross domestic product (GDP) under various budget proposals.
With the recent release of President Obama’s FY 2014 budget, it is important to put the budget numbers from the various proposals into proper perspective. These charts compare the patterns of future spending projections from the Senate Democratic budget by Chairman Patty Murray, House Republican budget by Chairman Paul Ryan, Senator Rand Paul’s budget, and the president’s budget.
The Senate Democratic and House Republican budget proposals are scheduled for consideration; the former drafted by Senate Budget Committee Chair Patty Murray, and the latter by House Budget Committee Chair Paul Ryan. The following charts compare and contrast key aspects of the Ryan and Murray plans. The charts use data from the Senate Democratic and House Republican FY 2014 budgets and the Congressional Budget Office’s most recent Budget and Economic Outlook.
Mercatus Center senior research fellow Veronique de Rugy outlines the shortcomings of the Ryan Plan here. These charts examine how the Ryan Plan measures up to the Congressional Budget Office’s most recent budget outlook for FY 2013 to FY 2023.
Since CBO’s projected debt and deficit figures are contingent on other economic indicators like GDP, examining the assumptions underlying these figures is critical. Under a more realistic assumption of GDP growth, actual debt in 2023 might be even higher than the 77 percent of GDP projected in the CBO’s baseline scenario.
These two charts by Mercatus Center senior research fellow Veronique de Rugy examine the impact of sequester cuts on the defense budget. The figures in both charts represent defense budget authority, that is, departments’ and agencies’ legal authority to spend. This metric is distinct from budget outlays, which represent actual spending amounts.