By Russell Rumbaugh
Rep. Paul Ryan, Chairman of the House Budget Committee, has released his proposal for the House budget resolution. Like the President’s budget request, it ignores the statutory caps on defense spending in future years. Where the President’s budget request proposed $162 billion more than the caps allow through their expiration in FY21, the House budget resolution provides $319 billion more than the caps allow. More importantly, however, the House budget resolution joins the President’s budget request in honoring the FY15 defense spending cap agreed on in last December’s Bipartisan Budget Act. With both the President and House Republicans backing it, the FY15 cap is likely to hold. As a result, the national defense budget will be essentially flat in nominal terms from FY14 and therefore shrink in real terms.
Read more and download entire pdf here.