FY 2015 & FY 2014 Budget Comparisons

Total Spending:

President FY 2014 – +$3.77 trillion.

President FY 2015 – +$4.3 trillion

Ryan FY 2014 – $4.6 trillion

Ryan FY 2015 – $2,5 trillion.

Progressive Caucus FY 2014 – +$2.1 trillion

Progressive Caucus FY 2015 -

Senate (Murray) FY 2014 – – $975 billion

Ryan-Murray FY 2014/2015 – $1.012 trillion


Spending Cuts

President FY 2014 – $1.2 trillion over ten years

President FY 2015 – $5.1 trillion over ten years

Ryan FY 2014 – $5.7 trillion over ten years

Ryan FY 2015 – $5.1 trillion

Progressive Caucus FY 2014 – None

Progressive Caucus FY 2015 -

Senate (Murray) FY 2014 – $837 billion over ten years

Ryan-Murray FY 2014/2015 – $837 billion over ten years

 


 

Taxes – Individual / Corporate

President FY 2014 -  Limited tax deductions for top 2% of earners and would establish a minimum tax rate for millionaires.

President FY 2015 – A minimum tax rate on millionaires. Expands the earned income tax credit for childless workers.

Ryan FY 2014 – 25% tax on high earners. 10% for everyone else. Corp taxes cut from 39% to 25%. Overseas earnings not taxed.

Ryan FY 2015 – Reduces tax rates for top earners by replacing the current tax brackets with  two brackets of 10 percent and 25 percent.

Progressive Caucus FY 2014 – Ends Bush tax breaks for earners over $250k. Eliminates low investment tax rates. Close corp loopholes and levy 3% tax on Wall Street trades. Loopholes for oil and gas are closed as are deductions for private jets, stock options and meals.

Progressive Caucus FY 2015 – Ends Bush-era tax cuts for families earning over $250,000, ends special low tax rates for investment income, expands the earned income tax credit for childless workers.

Senate (Murray) FY 2014 – Limits tax expenditures for top 2%. Leans towards blocking offshore tax avoidance and loopholes that benefit the wealthy.


Taxes – Corporate

President FY 2014 – Limited tax deductions for top 2% of earners and would establish a minimum tax rate for millionaires.

President FY 2015 – Limits corporate tax avoidance by tightening rules on how corporations attribute profits overseas.  Eliminates special tax breaks for oil and gas companies. Ends the “carried interest” loophole, and eliminates special tax breaks for corporations.

Ryan FY 2014 – 25% tax on high earners. 10% for everyone else. Corp taxes cut from 39% to 25%. Overseas earnings not taxed.

Ryan FY 2015 – Reduces the top corporate tax rate from 35 percent to 25 percent and moves to an “international” tax system that would reduce or eliminate taxes on overseas corporate profits. Plans to to simplify the tax code but no specifics given.

Progressive Caucus FY 2014 – Eliminates low investment tax rates. Close corp loopholes and levy 3% tax on Wall Street trades. Loopholes for oil and gas are closed as are deductions for private jets, stock options and meals.

Progressive Caucus FY 2015 – Closes corporate tax loopholes, creates a tax on on financial transactions including the sale of stocks and bonds. Limits tax deductions for top earners. Limits corporate loopholes for stock options, executive bonus pay, jets, and meals and entertainment. Eliminates the home mortgage-interest deduction for vacation homes and yachts.

Senate FY 2014 (Murray) – Limits tax expenditures for top 2%. Leans towards blocking offshore tax avoidance and loopholes that benefit the wealthy.


Education

President FY 2014 – Aims towards universal pre-kindergarten education. Expands mandatory spending for Pell Grants.

President FY 2015 – Provides $66 billion over 10 years to fund Preschool for All Initiative, as well as introduces a Race to the Top Equity and Opportunity competition.

Ryan FY 2014 – Freezes Pell Grant awards for ten years and cuts discretionary spending for education.

Ryan FY 2015 – Freezes the maximum Pell grant award  for the next 10 years, financial aid to families is reduced, and cuts to overall discretionary education spending.

Progressive Caucus FY 2014 – Increases spending for education and repairing schools.

Progressive Caucus FY 2015 – Provides $47 billion over 10 years to invest in teachers and K-12 schools in addition to adding substantial general discretionary funding for education.

Senate (Murray) FY 2014 – Proposes policy to lower cost of education but does not give specifics.


Medicare

President FY 2014 – Increase premiums on wealthy retirees. Government negotiates prescription drug prices.

President FY 2015 – Raises premiums on wealthy retirees, and reduces Medicare Advantage payments to private insurers…

Ryan FY 2014 – Voucher system replaces Medicare by 2024. Seniors paid lump sum to purchase insurance in the private market.

Ryan FY 2015 – Provides the option of a lump sum payment adjusted to inflation to buy private insurance, raises premiums on wealthy retirees, and reduces Medicare Advantage payments to private insurers.

Progressive Caucus FY 2014 – Would negotiate prescription drug prices.

Progressive Caucus FY 2015 – Negotiates for lower prescription drug prices.

Senate (Murray) FY 2014 – Increases cost-saving health care reforms.

Ryan-Murray FY 2014/2015 – No changes


Medicaid

President FY 2014 – Follows Affordable Care Act.

President FY 2015 – Maintains the expansion of Medicaid under the Affordable Care Act.

Ryan FY 2014 – Cuts Medicaid funding and converts the program to a block grant to states.

Ryan FY 2015 – Cuts Medicaid, converts the program to a State block grant, and repeals Medicaid expansion in the Affordable Care Act.

Progressive Caucus FY 2014 – Follows Affordable Care Act and adds grant funding to States.

Progressive Caucus FY 2015 – Increases funding for Medicaid. Reduces fraud, waste, and abuse in Medicaid.

Senate (Murray) FY 2014 – Follows plan in the Affordable Care Act to increase Medicaid coverage and availability.

Ryan-Murray FY 2014/2015 – No changes


Social Security

President FY 2014 – Cost-of-living increases determined by consumer price index rather than rate of inflation to save $230 billion over ten years from reduced payments to beneficiaries.

President FY 2015 – Prevents individuals from collecting Social Security Disability Insurance and Unemployment Insurance benefits at the same time.

Ryan FY 2014 – Requires President and Congress to create a long-term plan.

Ryan FY 2015 – The president and Congress to create plans for the long-term financial outlook of Social Security.

Progressive Caucus FY 2014 – No changes

Progressive Caucus FY 2015 – No changes

Senate (Murray) FY 2014 – No changes

Ryan-Murray FY 2014/2015 – No changes


Affordable Care Act

President FY 2014 – Supports Affordable Care Act

President FY 2015 – Supports Affordable Care Act

Ryan FY 2014 – Repeals exchanges and Medicaid expansions provided by the Affordable Care Act.

Ryan FY 2015 – Repeal.

Progressive Caucus FY 2014 – Supports Affordable Care Act

Progressive Caucus FY 2015 – Continues with the aim to allow States to move towards universal care (single payer)

Senate (Murray) FY 2014 – Supports Affordable Care Act

Ryan-Murray FY 2014/2015 – Unchanged


Defense

President FY 2014 – Prevents across the board sequester. Sets a Defense base budget with a 1.6% cut.

President FY 2015 – Prevents across-the-board sequester cuts affecting the military budget by adding $28 billion in new initiatives.

Ryan FY 2014 – Protects Defense from sequestration reductions

Ryan FY 2015 – Prevents across-the-board sequester cuts from affecting the military budget. Maintains currently projected spending levels through 2021 under Budget Control Act and then proposes growth in military spending thereafter.

Progressive Caucus FY 2014 – Cut spending by $987 billion over ten years.

Progressive Caucus FY 2015 – Reduces military spending by $255 billion over 10 years.

Senate (Murray) FY 2014 – Slow reduction in spending beginning 2015

Ryan-Murray FY 2014/2015 -


War (overseas Contingencies)

President FY 2014 -

President FY 2015 – $37 billion for each year. $92 billion for 2014.

Ryan FY 2014 – Cuts spending by 50% over last year and sets limit at $37 billion

Ryan FY 2015 – Matches President’s proposal.

Progressive Caucus FY 2014 – Ends war funding by 2015.

Progressive Caucus FY 2015 – Complete withdrawal from Afghanistan in 2015 and completely eliminates “Overseas Contingency Operations” funding thereafter

Senate (Murray) FY 2014 – Spends $175 billion through 2015.

Ryan-Murray FY 2014/2015 -


Food Stamps

President FY 2014 – No changes proposed

President FY 2015 – No change

Ryan FY 2014 – Cuts funding, converts to block grant program.

Ryan FY 2015 – Cuts to SNAP funding and converts the program to a block grant for states to administer.

Progressive Caucus FY 2014 – Increases funding.

Progressive Caucus FY 2015 – Restores SNAP benefits to 2013 levels, and invests $15 billion over 10 years.

Senate (Murray) FY 2014 – No change

Ryan-Murray FY 2014/2015 -


Deficit Reduction

President FY 2014 – $1.8 trillion over ten years.

President FY 2015 – $407 billion over the 2014–2023 period.

Ryan FY 2014 – $2.7 trillion over ten years.

Ryan FY 2015 – Return to surplus in ten years

Progressive Caucus FY 2014 – $2.7 trillion over ten years.

Progressive Caucus FY 2015 – $4.8 billion

Senate (Murray) FY 2014 – $1.8 trillion over ten years.

Ryan-Murray FY 2014/2015 – roughly $85 billion over the next 10 years.


Discretionary Spending-Domestic

President FY 2015 – Prevents sequestration cuts to domestic programs and provides an additional $162 billion above sequester levels over 10 years.

Ryan FY 2015 – Allows sequestration to cut domestic programs. Makes additional cuts over 10 years.

Progressive Caucus – Prevents sequestration cuts to domestic programs and provides an additional $1.56 trillion above sequester levels over 10 years.


Sequester

President FY 2015 – Mitigates impact of sequester cuts by increasing funding over sequester levels.

Ryan FY 2015 – Sequester continues thr0ough 2023 then additional cuts.

Progressive Caucus FY 2015 – Mitigates impact of sequester cuts by increasing funding over sequester levels.