As noted yesterday, Paul Ryan proposed a 2013 budget, which has no chance of passing, and is "focused on deficit reduction." An hour ago, the full 5-page detail was released to the public. And if this is the plan that hopes to cut US budget deficits, then America is royally screwed, as according to page 5, the first time that the US resume a budget surplus is in... 2040.
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Keep in mind that of the proposed budgets, as unrealistic as this one is (as it grows revenues miraculously from $2.4 trillion to $4.6 trillion in 10 years by cutting taxes) likely has the best chance of cutting deficits, since earlier today the CBO, which is basically Wall Street's conduit of defining policy (as explained previously by a whistleblower), said the budget is "ungradable", which is simply Wall Street's way to express its dissatisfaction with this attempt to escape from public risk onboarding. That said, if indeed the US, in the most aggressive case, can grow revenues to be greater than outlays, at the earliest in just about 30 years, then it is all over.
Incidentally, if someone can explain to us how US debt as a % of GDP can be declining even as the US continues to post a deficit, please advise.
Full budget link pdf [3]