Rand Paul Lays Out Balanced Budget Plan

Rand Paul's Balanced Budget Plan

 

After joining Democrats in voting against a Republican budget plan, Kentucky Senator Rand Paul presented his own balanced budget plan. Paul, as well as Republican Senators Ted Cruz of Texas and Mike Lee of Utah said Ryan's plan didn't go far enough in reducing the deficit.

According to Paul's plan, it will balance the federal budget in a relatively short five years without the need to raise taxes.

Concerning his plan, which Paul dubbed “A Clear Vision to Revitalize America,” he said, “If we don’t make difficult choices today, we will be faced with even more difficult and painful choices down the road.”

In an attempt to streamline and simplify the federal tax code, Paul calls for the establishment of a 17-percent flat tax, while getting rid of taxes on savings, dividends and capital gains.

Paul also wants to rid the federal government of the Departments of Energy, Education, Housing and Urban Development and Commerce. As for the Transportation Security Authority, he says it should be privatized.

Saying the country needs to put the “large military complex of yesterday in check,” Paul's budget would spend $526 billion for national defense in 2014 and $5.6 trillion for national defense over the next decade.

Ryan's budget would have spent $579 billion on the military in 2014 and over $6 trillion over the next decade.

The budget offered by Democrats on the other hand would leave a huge deficit at the end of a 10-year period.

Paul also urged Congress to clear the way for drilling in the Arctic National Wildlife Refuge, along with allowing for drilling on the outer continental shelf. Inland he wants Congress to boost the development of oil and gas on federal lands.

For Medicaid Paul's budget would take federal spending and the state health insurance programs and convert them to block grants to the states. Under his plan senior citizens would get the same Medicare benefits those in Congress receive.

He also wants to boost the retirement age of Social Security recipients by indexing longevity for the future generations. Indexing low-income workers would allow the benefits for Social Security to grow quicker than higher income people under the plan.

“The time has come for a change that will restore fiscal order in this country, and I will do everything in my power to ensure that this happens,” Paul concluded.