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Competing Budgets

Our friends at the National Taxpayers Union issued a press release yesterday concerning the House and Senate budgets that were offered this week. According to the NTU:

"Taxpayers have cause for celebration or consternation, depending on which of this week’s two Congressional Budget Resolutions they read – and, what parts of each they read. That’s the observation of the 362,000-member National Taxpayers Union (NTU), which today offered both plaudits and pans for various elements of the two pieces of legislation.

"If Budget Resolutions are supposed to provide direction to the nation’s finances, the House’s bill charts a prudent course, but with some disappointing detours,” said NTU Executive Vice President Pete Sepp. “ The Senate’s bill, on the other hand, offers only a glimpse or two of fiscal discipline on the way to a dead-end destination: one that is piled high with punitive taxes and bloated budget deficits.”

NTU then went on to highlight the "pros" and "cons" of the House and the Senate resolutions in some detail, which we urge you to read. Pete Sepp. who wrote the press release, concluded by saying:

“Although both bills suffer from gimmicks, the House legislation would achieve far better outcomes for taxpayers than the Senate’s flawed scheme . . . “In coming weeks, Americans seeking a brighter fiscal and economic future will be hoping that Congress embraces and even improves the House’s plan by emphasizing more spending restraint as well as additional entitlement and tax reforms.”

Meanwhile, at the Heritage Foundation's blog, The Foundry, our conservative friends  offer comments of their own about the two budget resolutions, and include the following two charts:

In commenting on the two budgets, Romina Boccia, who wrote the The Foundry post, said:

"Both the House and Senate budgets have their weaknesses. However, the House budget would shrink deficits quickly and then eliminate deficits completely by balancing the budget in 10 years. Despite its shortcomings, the House budget undertakes important entitlement reforms in Medicare and Medicaid and rolls back other spending. The Senate budget, on the other hand, would spend more and tax more and still would not come even close to balancing the budget.

"The Senate’s failure in addressing the growth in entitlement spending means U.S. spending and debt would continue growing and threaten a debt crisis in the future that would make all Americans worse off—especially the poor and the middle class"

Boccia concluded saying, "Neither budget comes close to proposing as comprehensive a plan as The Heritage Foundation does in Saving the American Dream, but the House budget certainly moves much closer in the right direction." (link to Saving the American Dream in the original)

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