Near-term macroeconomic effects of Mitt Romney's budget plan, assuming revenue-neutral income tax rate cuts, AMT elimination, and unspecified "base-broadening"
|Budgetary cost (+) or savings (-) (billions)||GDP impact (% GDP)||Employment impact (thousands of jobs)|
|Expiration of refundable tax credit expansions||-10||-30||-0.1||-0.2||-92||-267|
|Nonsecurity discretionary cuts||-12||-16||-0.1||-0.1||-122||-164|
|Repeal the Affordable Care Act||-$6||-$29||-0.1%||-0.2%||-63||-290|
|Block grant and cut Medicaid||-10||-18||-0.1||-0.2||-103||-185|
|Government spending cap|
|Additional primary spending cuts needed to phase in 20% government spending cap||-$143||-$208||-1.3%||-1.8%||-1,512||-2,105|
Note: All policies are scored relative to EPI's current policy baseline. This table presents the impact in calendar years 2013 and 2014.
Source: Authors' analysis of Romney for President, Tax Policy Center, Congressional Budget Office, and Moody's Analytics data