Paul Ryan released his massive new budget plan today.
And it includes this chart purporting to answer where our debt comes from. The Y axis is the per cent of GDP. And that black revenue line is the amount of money the government collects in taxes each year.
Can you see what is missing? (Answer is below)
Photo: House Budget Committee
In FY 2010 defence accounted for 4.7 of GDP.
That’s about 19 per cent of the federal budget.
In fact, from being a defence budget cutter. Paul Ryan says he wants to stop the cuts to the defence Department’s budget.
From his plan.
1. prioritise defence Spending to Keep America Safe
With American men and women in uniform currently engaged with a fierce enemy and dealing with emerging threats around the world, this budget takes several steps to ensure that national security remains government’s top priority.
Providing for the common defence: This budget rejects proposals to make thoughtless, across-‐the-‐board cuts in funding for national defence. Instead, it provides $554 billion for national defence spending, an amount that is consistent with America’s military goals and strategies. This budget preserves necessary defence spending to protect vital national interests today and ensures future real growth in defence spending to modernize the armed forces for the challenges of tomorrow.
Reprioritizing sequester savings to protect the nation’s security: The defence budget is slated to be cut by $55 billion, or 10 per cent, in January of 2013 through the sequester mechanism enacted as part of the Budget Control Act of 2011.3 This reduction would be on top of the $487 billion in cuts over 10 years proposed in President Obama’s budget. This budget eliminates these additional cuts in the defence budget by replacing them with other spending reductions. Spending restraint is critical, and defence spending needs to be executed with effectiveness and accountability. But government should take care to ensure that spending is prioritised according to the nation’s needs, not treated indiscriminately when it comes to making cuts. The nation has no higher priority than safeguarding the safety and liberty of its citizens from threats at home and abroad.
Business Insider Emails & Alerts
Site highlights each day to your inbox.