Legislative update - House committee considers GOP budget 

March 12:   House Budget Committee Chairman Paul Ryan (R-WI) today proposed a fiscal year 2014 budget that would, among other things, set the top corporate and individual income tax rates at 25%.

The draft budget resolution—a policy document that includes directives to various committees of jurisdiction—would have the effect of reducing government expenditures by $4.6 trillion over 10 years, to 19.1% of GDP by 2023.


Government expenditures in 2012 were approximately 24% of GDP; they were last as low as 19.1% in 2002.

Congressional budget schedules

The House Budget Committee today began marking up the resolution.


The Senate Budget Committee, chaired by Patty Murray (D-WA), is scheduled to consider a Democratic budget proposal on Wednesday, March 13, 2013.

Overview of budget process

Ordinarily, the budget process begins with the submission of the president’s budget proposal in February. The Obama administration has not yet released its proposed budget.


If the House and Senate agree on spending and revenue targets, their concurrent resolution would establish spending and revenue targets for the substantive committees, commencing the reconciliation process.


The House and Senate have not reached agreement on a budget resolution since 2010, and that was limited to health care reform.




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