The House and Senate Budget Committees both begin to mark up their fiscal 2014 budget proposals this week. Budget Chairman Paul Ryan (R-WI) released the House GOP budget plan yesterday, and the House Budget Committee is scheduled to begin marking up the proposal today. The House GOP proposal would cut roughly $5.7 trillion in federal spending over the next 10 years, compared to the Congressional Budget Office’s (CBO) current law baseline, to eliminate the deficit by 2023. The plan modifies the sequester for fiscal 2014-2021 by replacing the defense cuts with additional cuts to domestic spending. The proposal would also convert Medicaid and the Supplemental Nutrition Assistance Program (SNAP) into capped block grants to states and aim to repeal the Affordable Care Act. Senate Budget Chairwoman Patty Murray (D- WA) is set to release the Democrats’ budget proposal today, and it will be marked up in committee on Thursday. It is expected to markedly differ from the House GOP proposal. According to reports, the budget plan would replace the remaining eight years of the sequester with a package of spending reductions and revenue increases. The proposal includes $975 billion in spending cuts, comprised of $493 billion in domestic spending cuts, $240 billion in defense cuts, and $242 billion in interest savings. The plan’s revenue increases would also total $975 billion and be achieved through ending tax breaks for wealthy households and corporations. Both chambers are expected to consider the budget resolutions on the floor next week.

The White House has not yet submitted its fiscal 2014 budget request to Congress. While the request was officially due in early February, there is no penalty for not meeting this deadline. The federal Office of Management and Budget (OMB) has attributed the delay to the uncertainties surrounding fiscal cliff negotiations. The White House Press Secretary announced yesterday that the President is likely to release his budget the week of April 8, when Congress returns from Easter recess.

Link: House GOP Fiscal 2014 Budget Resolution