The federal budget is set to produce at least another $6.7 trillion of red ink over the next 10 years. President Barack Obama has abdicated leadership on the budget. First he signed a health care law that ostensibly reduces the deficit, but will actually increase it by $562 billion once you strip away the budget gimmicks. Then he proposed a budget that would increase federal deficits by $2.7 trillion and double the national debt.
Obama's budget strategy appears to be, as one Democratic wonk put it, "wait for Republicans to act and trap them." It appears Republicans will do the right thing anyway.
On Tuesday, House Budget Committee Chairman Paul Ryan, R-Wis., will release a budget blueprint that tackles the three big health care challenges facing the federal budget -- ObamaCare, Medicare and Medicaid – with a strategy of repeal, vouchers and block grants. Done properly, those steps would simultaneously improve health care and help balance the budget within a decade.
As it should, Ryan's budget would repeal ObamaCare. With a national debt roughly three-fourths the size of the entire economy, we simply cannot afford that law's two new entitlement programs or its trillion-dollar price tag.