Under the current proposal, the deficit would be cut by $4 trillion over 10 years, which is $50 billion more than the House GOP budget. The plan would reduce the deficit to 1.3 percent of gross domestic product, a marked decline from the 9.3 percent of GDP for the current fiscal year.
Conrad’s budget would also ramp down spending to 23 percent of GDP, down from 24 percent currently, and freeze it at 22 percent through the rest of the decade.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.