I missed this report when it first came out, but in September, the Center for American Progress published their analysis of the GOP's ‘Pledge to American’ budget plan.
And it isn’t pretty [emphasis mine].
Republicans in Congress released “Pledge to America” today, a plan they
characterize as laying out a “new governing agenda.” Integral to that plan is a new commitment to “fiscal responsibility.” Our analysis, however, shows that implementing the plan’s proposals would increase the federal budget deficit and accelerate growth in federal debt.
The “Pledge to America” budget would mean $11.1 trillion in deficits over the next 10 years. By 2020, the federal budget deficit would be 6.3 percent of gross domestic product, the federal debt would exceed 93 percent of GDP, and interest payments on the debt would be more than $1 trillion a year. The budget deficit would be about $200 billion larger in 2020 under the “Pledge to America” plan than it would be under President Barack Obama’s budget, and over the next 10 years deficits would be $1.5 trillion higher than under the president’s budget.
The substantial increase in deficits under the “Pledge to America” budget are due to the significant tax cuts that come from extending all expiring tax provisions and the implementation of several new tax cuts. Altogether, tax revenues under the “Pledge to America” plan would average 16.7 percent of GDP. During the last period the federal government ran balanced budgets revenues averaged 20 percent of GDP.
$11.1 trillion added to the deficit over the next 10 years, much of it added to the pockets of the already wealthy.
Be sure to read the full report. Download Pledge_to_america [pdf]
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