Vastly different Republican and Democratic budget visions to shrink deficits and invest in the economy debuted this week, including the Senate’s first serious budget effort in nearly four years.

The plans from House of Representatives Budget Committee Chairman Paul Ryan and Senate Budget Committee Chairman Patty Murray are slated for floor votes next week. They establish bargaining positions for the next phase of negotiations toward a broad fiscal deal

Here’s how the two plans stack up:

DEFICITS

Ryan: Deficits fall below $100 billion by 2016 and reach a small surplus in 2023. As a share of gross domestic product, they average 0.6 percent over 10 years. Cumulative deficit is $1.23 trillion.

Murray: Deficits fall to around $400 billion by 2016 and stay in the $400-$600 billion range, averaging 2.4 percent of GDP over 10 years. Cumulative deficit is $5.2 trillion.

US DEBT HELD BY PUBLIC IN 2023

Ryan: $14.2 trillion; debt-to-GDP ratio falls sharply to 54.8 percent from about 77 percent at present.

Murray: $18.2 trillion; debt-to-GDP ratio declines gradually to 70.4 percent.

CLAIMED DEFICIT REDUCTION

Ryan: $4.6 trillion over 10 years, over and above savings from automatic spending cuts. No new revenues sought, all savings are from spending cuts.

Murray: $1.85 trillion, of which $960 billion is attributed to replacing automatic spending cuts. Seeks $975 billion in new revenue from eliminating tax credits, $975 billion in spending cuts. Proposes $100 billion in new spending on infrastructure, job training.

HEALTH CARE

Ryan: Seeks repeal of President Barack Obama’s health care reforms, clawing back $1.84 trillion in future spending. Cuts $756 billion from Medicaid and other health care programs for the poor by turning them into block grants for states. Seeks $129 billion in savings from Medicare health care for the elderly, but starting in 2024 turns program into a voucher-like subsidy to help seniors buy health coverage from private insurers or the traditional Medicare system.

Murray: Makes no major structural changes to Medicare, Medicaid and other health care programs. Seeks $265 billion in savings from Medicare through unspecified new efficiencies to be determined in future legislation; $10 billion in savings from Medicaid through reductions in some reimbursement rates to match those in Medicare and other efficiencies.

TAXES

Ryan: Seeks no new tax revenue, but leaves in place $620 billion “fiscal cliff” tax hike on the wealthy. Proposes to eliminate wasteful tax deductions, credits and loopholes in order to lower personal and corporate income tax rates dramatically, with just two tax brackets for individuals – 10 and 25 percent.

Murray: Seeks $975 billion in new revenue from closing tax loopholes. It does not specify which of these tax breaks should end but states that any such effort, including broader tax reform, should target breaks that benefit the wealthy and the largest corporations, preserving those that benefit the middle class.

ASSUMPTIONS

Ryan: Alters the baseline assumptions from the Congressional Budget Office by aligning war and disaster spending with Obama administration’s current policy expectations, not current law. A decline in these outlays help bring the budget about $1 trillion closer to balance over the 10-year period. Builds in the savings from more than $1 trillion in automatic sequester spending cuts.

Murray: War and disaster spending assumptions are similar to those in Ryan’s budget. Does not build in assumptions that sequester savings are maintained. The cost of any replacement would be split evenly among the $975 billion in new tax revenues and $975 billion in spending cuts.

(Reuters)