According to a new book by Mother Jones Washington Bureau Chief David Corn, President Obama has purposely failed to release a plan for reducing the deficit so he can “draw the GOP into a trap” on entitlement reform. The plan has not worked. The Congressional Budget Office estimates that Obama’s latest budget would add $6.4 trillion to the debt over the next 10 years. The latest Bloomberg poll show that Americans overwhelming disapprove of Obama’s handling of the nation’s budget deficit by a 62 percent to 31 percent margin.
House Budget Committee Chairman Paul D. Ryan, R-Wis., has chosen to lead where Obama has failed. Today, he will unveil his second Path to Prosperity budget plan. Where Obama increases taxes by $1.9 trillion, Ryan simplifies the tax code into just two brackets, lowers everybody’s tax rates, and eliminates special interest loopholes that distort the free market and encourage crony capitalism.
Ryan’s budget not only embraces a long-term bi-partisan to reform entitlement spending, but it also cuts spending in the short-term, slashing discretionary spending by $19 billion compared to the debt limit deal passed in August. And it does all this without gutting defense. Explaining his plan in The Wall Street Journal this morning, Ryan writes:
The president’s budget gives more power to unelected bureaucrats, takes more from hard-working taxpayers to fuel the expansion of government, and commits our nation to a future of debt and decline. The contrast with our budget couldn’t be clearer: We put our trust in citizens, not government. Our budget returns power to individuals, families and communities. It draws inspiration from the Founders’ belief that all people are born with an unalienable right to the pursuit of happiness. Protecting this right means trusting citizens, not nameless government officials, to decide what is in their best interests and make the right choice about our nation’s future.
Romney: Ahead of what is expected to be an easy win, Mitt Romney’s campaign and Super PAC have out spent Rick Santorum 7-to-1 in Illinois.
Santorum: Romney’s campaign attacked Santorum for admitting yesterday that, “I don’t care what the unemployment rate’s going to be. Doesn’t matter to me.” Santorum was trying to make a larger point about economic freedom while campaigning in Moline, Illinois.
Illinois 16: Rep. Don Manzullo, R-Ill., has narrowly pulled ahead of Rep. Adam Kinzinger, R-Ill., in the race for Illinois’ 16th congressional district, according to the latest poll from We Ask America. Last month, Kinzinger was up 13-points on Manzullo, but this week Manzullo was up 43 percent to 42 percent. Both incumbents were forced to challenge each other thanks to a Democratic redistricting plan. Kinzinger is backed by Majority Leader Eric Cantor, R-Va., while Manzullo is backed by Freedom Works, most Tea Party groups, and RedState’s Erick Erickson.
Around the Bigs
CBS News, National Debt has increased more under Obama than under Bush: The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.
ABC News, Highest Gas Price Recorded in March: The average price of a gallon of regular is now $3.87, the highest recorded price in March. The average price is up nearly 4 cents from a week ago, and over 30 cents from a year ago, according to the Department of Energy, as more drivers face gas prices of $4 a gallon or more across the country.
The Los Angeles Times, U.S. turns a profit on bailout’s mortgage-backed securities: The Treasury Department announced yesterday that it will make $25 billion on its $225 billion mortgage-backed security bailout. That $25 billion profit does not include the hundreds of billions taxpayers lost by bailing out Fannie Mae and Freddie Mac.
At The Corner, Jason Delisle explains why the federal student loan program is not as free as liberals claim it is.
The Heritage Foundation‘s Rob Bluey reports that under Obama, production of oil, gas and coal on federal lands sinks to nine-year low.
AEI‘s James Pethokoukis posts one graph that explains what is wrong with America’s health care system.
At The Huffington Post, Sen. Ron Wyden, D-Ore., explains why he has been working with Paul Ryan on Medicare reform.
Simon Johnson urges Democrats to reject the JOBS Act because it deregulates financial markets too much.
ThinkProgress celebrates the Obama administration’s decision to investigate the shooting death of Trayvon Martin.
Talking Points Memo reports that some Tea Party groups are worried that the House IPAB repeal bill is paid for by medical malpractice reform that violates federalist principles.