President Obama is late with his budget (again) this year, but several in Congress are coming out with their own fiscal plans. On Thursday morning, House Republicans approved a budget proposal drafted by House Budget Committee Chairman Paul Ryan, R-Wis. The Senate began considering another Thursday evening, by Senate Budget Committee Chairwoman Patty Murray, D-Wash.

But how can one properly assess whether a budget plan is good or not? There are three core principles that can help make sense of it all. First, a good plan actually does cut spending; second, it puts everything on the table; third, it addresses our debt problem.