The White House released the proposed FY 2014 U.S. government budget document on April 10, 2013. See also the House Budget Committee budget for FY 2014, presented by Congressman Ryan, and the Senate Budget Committee's proposal, presented by Senator Patty Murray.
Excerpt from the President's Budget Overview:
"Cutting the Deficit in a Balanced Way
The President is committed to continuing to reduce the deficit in a balanced way. He is determined to do this in a way that replaces the economically damaging across-the-board cuts of sequestration with smart, targeted efforts to cut wasteful spending, strengthen entitlements, and eliminate loopholes for the wealthiest through tax reform.
The President stands by the compromise offer he made to Speaker Boehner during "fiscal cliff" negotiations in December 2012. The Budget includes all of the proposals in that offer, which would achieve $1.8 trillion in additional deficit reduction over the next 10 years, bringing total deficit reduction to $4.3 trillion. This represents more than enough deficit reduction to replace the cuts required by the Joint Committee sequestration. By including this compromise proposal in the Budget, the President is demonstrating his willingness to make tough choices to find common ground to further reduce the deficit. This offer includes some difficult cuts that the President would not propose on their own, such as an adjustment to inflation indexing requested by Republicans. But there can be no sacred cows for either party. The key elements of the offer include:
- $580 billion in additional revenue relative to the end-of-year tax deal, from tax reform that closes tax loopholes and reduces tax benefits for those who need them least;
- $400 billion in health savings that build on the health reform law and strengthen Medicare;
- $200 billion in savings from other mandatory programs, such as reductions to farm subsidies and reforms to federal retirement benefits;
- $200 billion in additional discretionary savings, with equal amounts from defense and nondefense programs;
- $230 billion in savings from using a chained measure of inflation for cost-of-living adjustments throughout the Budget, with protections for the most vulnerable;
- $210 billion in savings from reduced interest payments on the debt; and
- $50 billion for immediate infrastructure investments, as noted earlier, to repair our roads and transit systems, create jobs, and build a foundation for economic growth.
In addition, the Budget includes a series of new proposals to root out waste and reform and streamline government for the 21st Century. In total, it includes 215 cuts, consolidations, and savings proposals, which are projected to save more than $25 billion in 2014."