Representative Ron Paul (R-Texas) unveiled a balanced budget proposal, Plan to Restore America, October 17 that would cut nearly $1 trillion — $981 billion — from the President's budget proposal in the single fiscal year of 2013 and eliminate the annual deficits completely two years later.
No other presidential candidate has revealed a balanced budget in any number of years, including the incumbent President Barack Obama. And no sitting congressman or senator has proposed a budget plan that would balance the budget in less than 30 years other than Congressman Paul's son, Kentucky Senator Rand Paul (whose proposal would balance the budget within five years).
"A lot of people will say that cutting a trillion dollars in one year, that sounds radical," the Texas congressman and obstetrician quipped at a press conference announcing the proposal. "But you know, I operate on the assumption that the radicals have been in charge way too long. Both from left and right, we have heard the arguments that deficits don't really matter. And they really haven't mattered for a very long time or we wouldn't have this debt."
President Barack Obama has proposed "spending cuts" of $3.1 trillion in recent months, but those cuts would be cuts from expected spending increases in the budget "baseline," and Obama's cuts are phased in over 10 years (and mostly on the back end of the 10 years). Paul's cuts would be in a single budget year and cut real dollar spending by more than $800 billion from fiscal 2012 to fiscal 2013.
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Photo of Ron Paul: AP Images