ICYMI: Chairman Arrington’s Budget Blueprint Will Bust Big Government Bloat
Chairman Arrington and House Budget Republicans have a plan to Reverse the Curse of America’s out-of-control spending and unsustainable federal debt – and it’s got people talking! This week, the Citizens Against Government Waste published an oped in the Washington Examiner breaking down how the Budget Committee’s FY24-FY33 Reverse the Curse budget blueprint will, as they put it, “get us out of the spending hole.”
Word On The Street: (via Washington Examiner):
- “Today, taxpayers owe a national debt of more than $33 trillion. The annual deficit will exceed $2 trillion over the next 10 years, at which time the debt will be an estimated $46 trillion. The current debt-to-GDP ratio is 120.7%, which exceeds the largest level ever reached in peacetime and is equal only to the level of indebtedness during World War II.”
- “To dig taxpayers out of this hole, Arrington's plan proposes limiting the growth of discretionary spending to no more than 1% per year and tearing down regulatory barriers to strong economic growth. The proposal estimates this spending cap would reduce discretionary spending by $4.6 trillion over the next decade.”
- “The resolution's recommendations for stimulating economic growth include extending the 2017 tax cuts, ‘permanently eliminating regulations that were temporarily waived during COVID-19, exempting small businesses from National Labor Relations Board regulations, and repealing corporate average fuel economy standards,’ among others. If such reforms were enacted, the committee projects that the economy would grow at an average rate of 2.9% over the next decade.”
- “Growth at that rate would not only raise revenues at current tax rates but would also likely reduce the cost of automatic spending programs. After all, fewer people would rely on means-tested benefits such as Medicaid. Smaller deficits would create a positive cycle of growth by reducing the degree to which public debt crowds out private-sector capital and innovation.”
The Big Picture:
The Committee’s budget resolution balances the federal budget in 10 years and reduces deficits by $16.3 trillion over that same timeframe, resulting in a $130 billion surplus by FY2033. The budget focuses on restoring America’s fiscal health by right sizing the bloated bureaucracy, reversing Biden’s spending spree, reining in runaway mandatory spending, rooting out waste and fraud, and reigniting growth and prosperity.
At a press conference previewing the committee's consideration of the resolution, Chairman Arrington said, “It has never been more necessary to have fiscal hawks, budget champions, and people who still believe that if we work together, if we have the discipline, a sense of urgency, and political courage, we can right the ship before it sinks. We can hand this country to our children better than we found it and not be the first generation of American elected leaders who failed to allow our children to inherit the blessings of liberty.”
With their FY2024 to FY2033 Budget Blueprint, House Republicans are working to reverse the curse of out-of-control government spending and offer a bold and optimistic vision for America’s fiscal future.
With uncommon courage and common-sense policies, we can strengthen America’s balance sheet, stave off a debt crisis, and save the Union.
Click below to view U.S. House Budget Resolution FY2024 to FY2033 text and materials:
FY24 CONCURRENT RESOLUTION ON THE BUDGET LEGISLATIVE TEXT
SECTION BY SECTION DESCRIPTION
CHAIRMAN’S MARK
EXECUTIVE SUMMARY
PRESIDENT BIDEN'S BUDGET: MAKING MATTERS WORSE
HOUSE BUDGET COMMITTEE VERSUS PRESIDENT BIDEN’S BUDGET
