A look at various federal budget proposals

Here’s a comparison of various federal budget proposals circulating in Washington these days. For fiscal 2014, which begins on Oct. 1 of this year, the law in place (with another sequester) requires an across-the-board cut of $109 billion, with half coming from defense and half from domestic programs. Nothing would be cut from Social Security, Medicare, military pay, veterans’ benefits and a few other programs. Chances are that Congress will do some tweaks to protect the military budget. You’ll see that no proposal comes close to a balanced budget.

 Fiscal 2013Fiscal 2014  
Continuing resolution with sequester
(in billions)
Senate passed
(in billions)
House passed
(in billions)
Obama proposal
(in billions)
Continuing resolutions with sequester
(in billions)
Social Security$813$860$854$860$854
Defense$651$600$560$618$588
Medicare$504$535$509$524$509
Medicaid$267$357$321$304$297
Net interest on debt$223$244$242$223$243
All other spending$1,227$1,119$1,045$1,249$1,127
TOTAL$3,685$3,715$3,531$3,778$3,618
Tax increases$44$20$0$31$0
Deficit$973$693$528$744$616
Total debt$17,249$18,008$17,777$18,247$17,886
SourceOMBSenateHouseOBMCBO

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