Table 4
Near-term macroeconomic effects of Mitt Romney's budget plan, assuming fully revenue-neutral tax cuts and unspecified "base-broadening"
| Budgetary cost (+) or savings (-) (billions) | GDP impact (% GDP) | Employment impact (thousands of jobs) | ||||||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | |||
| Tax policy | 15889 | 16627 | ||||||
| Tax cuts | $10 | $30 | 0.0% | 0.1% | 27 | 77 | ||
| Expiration of refundable tax credit expansions | -10 | -30 | -0.1% | -0.2% | -92 | -267 | ||
| Discretionary spending | ||||||||
| Defense increases | 75 | 113 | 0.7% | 1.0% | 793 | 1,145 | ||
| Nonsecurity discretionary cuts | -12 | -16 | -0.1% | -0.1% | -122 | -164 | ||
| Mandatory spending | ||||||||
| 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 | -207 | -1.3% | -1.7% | -1,507 | -2,088 | ||
| Total | -$95 | -$157 | -0.9% | -1.5% | -1,068 | -1,774 | ||
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