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McKeon Applauds House Passage of "Path to Prosperity" Republican Budget Plan

Statement

By:
Date:
Location: Washington, DC

Rep. Howard P. "Buck" McKeon (R-Santa Clarita) today made the following statement regarding House passage of H. Con. Res. 34, the "Path to Prosperity" budget proposal by Rep. Paul Ryan (R-WI), chairman of the US House Budget Committee:
"Passage of Paul Ryan's budget provides taxpayers with a strong, pragmatic plan to restore fiscal health and sanity to our government. Cutting spending is about making the tough choices today on behalf of our children and grandchildren. By reining in spending, we are making our government more efficient and showing respect to hardworking taxpayers. The American people can see that our nation's deficits are not because they are being taxed too little; America has deficits because Washington spends too much -- and spends too much of what it doesn't even have. The Paul Ryan budget that passed the House today, which cuts $5.8 trillion in spending, puts our country back on the right path.

"The national security challenges we face are constantly changing in today's unpredictable world. Chairman Ryan's budget holds strong against liberal efforts to use defense as the primary bill payer for social spending. When most people were making their New Year's resolution this year, few saw the events in Egypt, Tunisia, or Libya coming. These events--along with the wars in Afghanistan and Iraq--are stark reminders that our nation cannot afford drastic cuts to defense."


By The Numbers -- Budgets: Ryan v. Obama

GOP Budget, as presented by Budget Chairman Paul Ryan

$6.2 trillion

Amount of spending cuts proposed relative to President Obama's 2012 budget request

$5.8 trillion

Amount of spending cuts proposed relative to the current CBO baseline

2008

Ryan's plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama)

20%

Target spending levels (as a percentage of GDP)

$4.4 trillion

Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama's 2012 budget

$4.7 trillion

Total debt reduction relative to Obama's budget

$178 billion

Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit

$750 billion

Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets

2022

Year that proposed Medicare reforms would take effect

25%

The top tax rate proposed for both individuals and companies

18-19%

Target revenue levels (as a percentage of GDP), in keeping with historic average levels

$800 billion

Total amount of tax increases eliminated by repealing Obamacare

1 million

Private-sector jobs created over the next year

4%

Projected unemployment rate by 2015

$1.5 trillion

Projected growth in real GDP over the next decade

$1.1 trillion

Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family

10%

Proposed reduction to the federal workforce over the next three years

$120 trillion

Total debt reduction by 2050 relative to Obama's budget


President Obama's Budget

$3.73 trillion

Total spending this year (25 percent of GDP, highest levels since World War Two)

$46 trillion

Total spending over the next decade

$8.7 trillion

Total new spending over the same period

$26.3 trillion

Total new debt, including entitlement obligations, predicted by 2021

$7.2 trillion

Total deficit predicted by the end of the decade

$1.1 trillion

How much the White House estimates the proposal will reduce the deficit over the next ten years

$4 trillion

How much the president's deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe

$1.6 trillion

The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010

$2 trillion

Amount the budget will raise taxes on business and upper-income families over the next ten years, which includes letting the Bush-era tax rates expire in 2012 (for incomes $250,000 and up)

$50 billion

Amount the administration plans to spend this year on infrastructure and transportation "investments"

$30 billion

Amount dedicated to a "National Infrastructure Bank to invest in projects of regional or national significance to the economy," including the much-touted high-speed rail initiative

$77.4 billion

Funding allocated for the Department of Education, a 22 percent increase from 2010 levels, and a 35 percent increase from 2008 levels

$29.5 billion

Total spending on the Department of Energy, a 22 percent increase from 2008 levels

$9.9 billion

Funding allocated for the Environmental Protection Agency (EPA), a 30 percent increase from 2008 levels

$150 billion

Total amount the White House plans to spend next year on research and development programs

8.2%

Predicted unemployment rate in 2012


Source:
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