Latest Taxpayer's Tab: Budget Battles Begin

The House and Senate GOP have each unveiled their FY 2016 budget proposals, which are likely to be the primary focus of policymakers on Capitol Hill for the next few weeks as they try to agree on a final version to send to the White House.

The plans are similar in that they both spend substantially less than the President's own budget proposal and would not raise taxes above current levels, eventually balancing within the next decade. However, the House GOP has included nearly $40 billion more funding for Overseas Contingency Operations in FY 2016 than the Senate's plan. That funding is not subject to the spending caps enacted in the Budget Control Act of 2011, and has been a point of contention between fiscal and defense hawks in early debates.

Over the next ten years, the House plan would result in a net deficit of $1.48 trillion. The Senate's would reach $1.57 trillion, and the 10-year deficit in the President's budget is projected to be $5.67 trillion.

For more on the fiscal implications of the Republicans' budgets, check out the latest edition of The Taxpayer's Tab online.