This bill lays out the Federal budget for 2016, and puts forth a spending plan for the subsequent years from 2017 to 2025. The goal is to balance the country's budget in 10 years, and in that time, cut spending by $5.1 trillion. Spoiler: this budget cuts many programs and changes many existing services, all while employing some creative accounting.
"That would set a high hurdle for legislation requesting a total above that threshold and could provide the Senate with leverage in negotiations with the House."Otherwise, the budget follows pretty similarly to the budget proposed by the House.
This budget too would repeal the Affordable Care Act (ACA), and all the health care-related pieces of the Health Care and Reconciliation Act of 2010, a bill that amended the ACA. The budget authorizes the leaders of the Senate Finance Committee and the Health, Education, Labor and Pensions Committee to repeal these acts, without the option of a filibuster.
This process, for whatever reason, is called “reconciliation” — or a tool that "makes it easier for Congress to change current law in order to bring revenue, spending, and debt-limit levels into conformity with the policies of the annual budget resolution." This budget also grants reconciliation rights on programs that deal with children’s nutrition or safety from sexual predators, a number of issues related to the entrenched Department of Veterans’ Affairs, infrastructure and transportation.
In addition to repealing the ACA, the bill would restructure Medicaid, by turning it into state by state grants. Cuts it seeks to make would come from Medicare, Medicaid, and food stamps, totalling a whopping $4.3 trillion. As the New York Times notes, these cuts are mostly ideas that don't have solid plans for implementation:
"Unlike the House budget, [the Senate] does not make specific policy prescriptions, such as converting Medicare into a voucher-like program that would allow recipients to buy subsidized insurance on the private health care market."
For all you students, this budget proposal also puts Pell Grants on the chopping block —a program that gives low-income students money for college that they don’t have to pay back. This budget would cut them by $90 billion, and another $60 billion from other higher education spending.
If this bill passed and all of its provisions were put into place, the the budget would be balanced by 2025.