Committee for Responsible Federal Budget – How the House and Senate Budgets Stack Up: With the release of the Senate budget resolution, we now have the two Congressional budgets that will set up the budget process for the rest of the fiscal year. There are many similarities between the two budgets but also key differences that will need to be reconciled in conference – differences that could have a significant effect on later fiscal decisions. Here’s a rundown of how each budget stacks up. Debt and Deficits – Both budget resolutions would improve the debt outlook, but to different degrees. The House budget assumes savings and increases in economic growth that would reduce debt from its current level of 77 percent of GDP to 63 percent by 2027; ignoring economic effects, debt would fall more gradually to 73 percent in 2027. Meanwhile, the Senate budget would result in debt increasing to a peak of 79 percent of GDP by 2020 before declining to 75 percent by 2027. This estimate ignores the budget’s claimed economic growth effects; it is difficult to determine what debt would be when counting economic effects based on the information given…”