Budget fail: How long can Washington get along without a spending plan?
Rep. Paul Ryan (R-WI), Chairman of the House Budget Committee, presents his budget plan during a press conference on March 12, 2013 in Washington, DC.
Congressman Paul Ryan (R-WI) unveiled his federal spending plan in Washington this morning. It contains many of the same proposals Republicans offered before the election, including lower taxes and less spending. In a press conference on Capitol Hill, Ryan explained the philosophy behind his budget:
"We match revenues with expenditures, so our budget matches the spending with our income, just like every family and business must do throughout America."
If history is any guide, Ryan’s plan probably won't be acceptable to Congressional Democrats -- just as the Democrats’ budget probably won't be acceptable to Republicans. So the goverment may end up without a budget for another year.
But does the U.S. really need a federal budget in the first place? Marketplace's Scott Tong in Washington joins Morning Report host Jeremy Hobson to explain the benefits of a budget agreement.