Can the Republicans balance the budget?
Alabama Republican Jeff Sessions, who may chair the Senate Budget Committee next year, says he wants to balance the budget in 10 years. It's possible on paper, but practically it's unlikely to fly, budget hawks say.
NEW YORK (CNNMoney)
"We must produce a budget that achieves balance within 10 years," Jeff Sessions said last week.
Sessions, who may end up in charge of the Senate's budget committee next year, is not the first Republican to call for a balanced budget in a decade. House Speaker John Boehner and House Budget Chairman Paul Ryan have supported the idea as recently as last year.
But big questions remain over whether it can be done.
The Committee for a Responsible Federal Budget estimates that to balance the budget by 2025 would require savings of $5.5 trillion -- $4.7 trillion in spending cuts or new taxes and $800 billion in interest savings.
And here's the thing: That assumes lawmakers don't pass any new laws that raise spending or cut taxes and add to deficits.
It also means no more renewals of "temporary" tax breaks for businesses and individuals. No more "doc fixes" to boost Medicare reimbursement rates for doctors. And no more talk of raising the "sequester" spending caps on defense, which many Republicans want to do.
Republicans, of course, are loath to raise taxes. So balancing the budget in 10 years would require huge spending cuts -- by more than 10% over the decade.
A model for the venture could be Ryan's most recent budget proposal, which balanced after 10 years.
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Can the Republicans balance the budget?