WASHINGTON—House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement in response to President Obama’s FY2014 budget proposal:
“I’m disappointed by the President’s proposal because it merely ratifies the status quo. It doesn’t break new ground; it goes over old ground: It takes more from families to spend more in Washington. And the White House says they never balance the budget. Instead, it raises taxes by $1.1 trillion. It increases spending by $964 billion. And it adds $8.2 trillion to our debt.
“Both sides have put plans on the table. And there are many differences between them. The President and Senate Democrats believe Washington knows better, so their plan puts more power in its hands. By defending the status quo, they’re letting critical programs like Medicare wither on their watch. They’re cementing record poverty and high unemployment into place.
“We’re offering a different approach. We don’t want to regulate people’s lives even more. We want to improve them. Our plan balances the budget in ten years to foster a healthier economy and to help create jobs. Our plan expands opportunity for the young. It guarantees a secure retirement for seniors. And it repairs the safety net for those in need.
“In the next few weeks, we’ll work to find common ground and to move the debate forward. Even if we can’t agree on everything, we need to make a down payment on our debt—now. We can start with common-sense reforms to strengthen entitlements and revenue-neutral tax reform.
“The President’s budget is such a disappointment because it’s a missed opportunity. We need a new approach to meet our generation’s most pressing challenges. I hope the other side will join us in proposing real reforms. But until then, we need to take steps in the right direction. I am hopeful we will.”
Key facts from the President’s fiscal year 2014 budget:
Their Budget Never Balances—Ever
The House budget balances in ten years, but, like Senate Democrats, the White House says their budget never balances—ever.
$8.2 Trillion in New Debt
Accounting for the cost of eliminating the sequester and removing the budget gimmicks, net deficit reduction is only $119 billion.
Additional deficit increase in FY2013: $61 billion
Total U.S. debt in 2023: $25.4 trillion
Debt increase per household: $60,980
Interest payments on the debt in 2023: $763 billion
Deficit in 2023: $439 billion
$1.1 Trillion in New Taxes
$964 Billion in New Spending above Projected Growth
Spending increase next year alone: $154 billion
Additional spending in FY2013: $61 billion
Total spending over ten years: $46.5 trillion
Rate of annual increase in mandatory spending: 5.2%
The Budget Grows the Government at the Expense of the Economy
President Obama’s budget takes more from hardworking families to spend more in Washington, D.C. Instead of empowering people with more control over their lives, the President’s plan empowers bureaucracy. Instead of creating good-paying American jobs, the President’s plan destroys jobs, depresses wages, and diminishes opportunity.
Republicans are offering a different path. Our plan to balance the budget will end the waste of taxpayer dollars and foster a healthier economy, delivering real solutions to help improve people’s lives.