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Encouraging Budget from Rep. Paul Ryan   April 6th, 2011
Trillions in spending reductions over a decade       


More observations...

While this wouldn't be the end of our deficit problem, Rep. Paul Ryan's (R-WI) budget proposal to cut trillions in spending over the next decade is the first serious and encouraging proposal to come out of Washington D.C.

House Budget Chairman Paul Ryan, R-Wisconsin, will unveil a highly anticipated 2012 Republican budget proposal Tuesday that would cut about $6 trillion over 10 years, according to GOP sources familiar with the document.

The plan, the most detailed economic guidepost for the new House GOP majority, would also mean dramatic changes to those political lightning rods -- entitlements.

Ryan's budget proposal is the first glimmer of hope we have that Congress will honestly address the problem of spending and start talking about entitlement programs that are scheduled to sink our country.

This doesn't just depend on Paul Ryan, of course. And it doesn't just depend on House Republicans. This needs serious consideration by the Democratic Senate and President Obama. And it remains to be seen how they will react--if history is any indicator, the proposal will be mocked, insulted, Republicans will be accused of killing seniors, etc. If that happens, and if this proposal meets with gridlock, we're still in trouble.

Big trouble. Maybe even worse trouble than before, because it would be a clear indicator that Democrats aren't at all serious about the budget. At least right now everyone (even Democrats) keeps saying that they recognize there's a problem to deal with. But if this budget is not given serious consideration by Democrats--and if the Democrats don't propose their own credible fiscally responsible budget proposal--that will tell the markets that Democrats aren't serious and that could shake confidence in U.S. bonds, etc.

But for now this proposal is the first encouraging piece of economic news I've seen since 2009, and it's the first time I've been cautiously optimistic about the economy in over two years.

Hopefully our elected officials don't blow it.

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