When President Obama unveiled his $3.77 trillion budget, a key selling point relied on a somewhat arcane economic indicator: the ratio of federal debt to GDP (the goods and services the nation produces). How much debt can the nation manage?
Read moreWhy Paul Ryan's Budget Matters
Paul Ryan unveiled the House Republican budget this week with an ominous yet familiar warning: "America's national debt is over $16 trillion." Having stated the problem, he then offered a solution, one which differed only marginally from what he's offered the past two years. Namely: restrain government healthcare spending on Medicare and Medicaid, reform the individual tax code, close loopholes, lower corporate taxes, and promote natural gas and energy independence. The goal? A balanced budget by 2023 that will ensure "the well-being of all Americans...and reignite the American dream."
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