House Democrats on Monday released their own budget proposal for 2015, and the plan has higher deficit spending than President Obama’s budget, using weaker assumptions about the economy.
{mosads}Rep. Chris Van Hollen’s (D-Md.) budget sticks to the discretionary budget cap for 2015 that appropriators are already using and then projects increased spending going forward.
The plan is expected to get a vote on the House floor this week as the chamber debates the GOP majority’s plan.
While the House Republican budget would balance by 2024 by cutting $5.1 trillion, the Van Hollen alternative would project a $637 billion deficit in 2024, up from $451 billion next year.
It has $6.1 trillion in deficits compared to $4.9 trillion in Obama’s plan over 10 years, leaving the deficit at 2.3 percent of the economy, compared to 1.6 percent. An aide said a major reason for the higher deficit is that Van Hollen is using less rosy economic projections from the Congressional Budget Office, while the White House uses separate figures developed by the Office of Management and Budget.
Revenue increases are equivalent to Obama’s plan.
Van Hollen said the budget presents a contrast to the plan of House Budget Committee Chairman Paul Ryan (R-Wis.), which “casts a dark shadow over the American Dream and is a recipe for our nation’s economic decline.”
“Where Republicans in Congress gut funding that would boost the economy and help our nation succeed in the 21st century economy, we invest in our kids’ education, infrastructure, and life-saving research,” Van Hollen said.