2012 Budget

House Republicans on Tuesday made it official: They’re proposing a $3.53 trillion budget for 2013 that would kill $55 billion in spending cuts aimed at defense and make up for them with savings elsewhere in the budget. Overall, the plan from House Budget Chairman Paul Ryan would bring in $2.73 trillion in tax revenue in 2013, compared to $3.53 in outlays, leaving next year’s deficit at just under $800 billion. After that point, annual deficits would fall significantly, reaching as low as $166 billion by 2018 but then begin to climb again. As a share of the economy, Ryan estimates that his budget would leave the debt held by the public at 62.3% of GDP, down from about 73% this year.

In a quiet shift from the past two years, President Barack Obama’s 2013 budget includes no new money for the Department of Energy loan guarantee program, the same program that House Republicans have scrutinized for losing more than $500 million in taxpayer dollars to the now-defunct solar power company, Solyndra. Obama has regularly included huge increases to the program’s loan guarantee authority in his budget, though Congress has not approved his proposals. He provided a $36 billion increase for nuclear reactors in his 2011 budget, and again in his 2012 budget. He also included $200 million in credit subsidies for renewable and energy efficiency projects in his 2012 budget. This year, he provided nothing.

President Requests $650.8 Million for Fossil Energy Programs http://go.usa.gov/Qmq fossilenergygov