Conservative House Republicans Propose Balancing Budget In Four Years

As Republicans and Democrats try to find middle ground between the budgets that each side has proposed, the most conservative members of the House are throwing another budget into the mix, one that would balance the budget in four years.

The Republican Study Committee’s “Back to Basics” budget proposes some of the same things as the budget introduced last week by House Budget Committee Chairman Paul Ryan, but it proposes to balance the budget by 2017, rather than 2023.

It does so by returning discretionary spending to $950 billion, lower than 2008 levels, cutting non-defense discretionary spending by $6 billion over 10 years and making serious cuts to entitlements.

Under the RSC budget, the retirement age at which people could receive Social Security payments would go up to 70, a change that would “slowly phase in” for people 51 and younger, and it would also adopt the chained CPI cost of living adjustment.

The budget would also raise the age at which people become Medicare eligible for individuals who are currently younger than 55. Like the Ryan budget, it would turn Medicare into a premium support system, but the RSC budget would enact this reform for persons under age 60, while Ryan’s budget changes it for people younger than 55.

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