Dr. Rand Paul’s Balanced Budget:
• Reduces spending by $183.1B in FY20 and by $11.3T over 10 years relative to baseline.
• Total spending still increases by 18.2 percent over the ten-year window. Only in Washington could an 18.2 percent increase be characterized as a “cut.”
• Balances without making any changes to Social Security.
• Makes no specific policy assumptions – all the savings are reflected in a new budget function (Function number 930: New Efficiencies, Consolidations, and Other Savings). This budget sets a goal of balance and then calls on Congress to use the tools provided to make the changes in law needed to achieve that objective.
Reiterates fundamental principles
• As policy debates present diametrically opposed visions of our country’s future, Dr. Paul’s budget establishes a sense of Congress that the United States will not be a socialist nation.
Paves the way for continued reform
• Provides reconciliation instructions to the Senate Finance Committee to make middle class tax relief permanent.
• Creates a reserve fund to allow for expansion of Health Savings Accounts (HSAs).
Reconciliation and Budget Process Reform
• Provides reconciliation instructions to eight committees with mandatory spending, ensuring every eligible committee participates in the reconciliation process, as was the process’ original purpose.
• Raises the waiver threshold for all budget points of order so the Senate is held to a higher standard.
• Makes the budget spending totals enforceable for 10 years instead of just one.
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