Congressman Jeb Hensarling, Chairman of the House Republican Conference, issued the following statement today regarding the House Republicans' "Path to Prosperity" budget proposal.
"The fact-based budget proposed by Chairman Ryan provides what President Obama and congressional Democrats have repeatedly failed to offer: a responsible plan that sets the nation on a fiscally sustainable course; an economic growth plan to jump-start the most tepid recovery in recent history; a plan to put us on a path to pay off the job-destroying debt that threatens to bankrupt our children's future.
On economic growth:
"The Path to Prosperity will spur economic growth through pro-growth tax reforms that will lower rates and broaden the base. The president's budget raises taxes over the next ten years by $1.5 trillion, while our plan will prevent this job-destroying tax hike and eliminate the roughly $800 billion tax increase imposed by the government takeover of health care.
"Washington has to stop spending money it doesn't have. President Obama's budget would add $13 trillion to our nation's debt over the next decade and fuel the toxic environment of uncertainty that is already plaguing our economy and costing jobs. It increases government spending to 23 percent of the economy by 2021--that's 17 percent higher than the post-World War II average. In contrast, the House Republican budget significantly lowers government spending, restraining the size of government to 20 percent of the economy by 2015 and 15 percent of the economy in 2050."
On health and retirement security:
"Our budget will protect and save our nation's health and retirement security programs, and make no changes to them for Americans 55 and older. By doing nothing to address their long-term sustainability for future generations of retirees--as is the case with the President's budget--the entitlement crisis, according to the Trustees of Social Security, would lead to a 22 percent cut in benefits for all Social Security recipients by 2037. The Social Security Trustees say, "If no substantial action is taken until the combined trust funds become exhausted in 2037, then changes necessary to make Social Security solvent over the next 75 years will be concentrated on fewer years and fewer generations.' The Medicare Trustees say that, "Without corrective legislation the assets of the [Medicare Hospital Insurance] trust fund would be exhausted within the next 7 to 19 years.' Our plan forces Congress to ensure our obligations to citizens in or nearing retirement and guarantee their solvency for the future."
On the government takeover of health care:
"Our plan repeals and defunds the government takeover of health care.
"In order to create jobs today and save future generations from national bankruptcy, we have to stop spending money that we don't have. At a time when our nation is more than $14 trillion in unprecedented debt, we cannot spend, tax, borrow, or bail-out our way back to prosperity.
"Decades of broken promises and accounting gimmicks have led to our government borrowing 42 cents on the dollar, much of it from the Chinese, and sending the bill to our children and grandchildren. The prospect of leaving future generations with less freedom and a lower standard of living--the loss of the American dream--is becoming a stark reality.
"The status quo cannot continue. It's time for a seismic shift in our government's spending priorities. Our budget lays out the facts about our debt crisis and puts us on a path to prosperity that will restore fiscal sanity and keep our nation's promise to current and future generations. It's time to move past politics and put our families, our economy, and our country first. The Path to Prosperity does just that.