Congressman Leonard Lance (NJ-07) released the following statement today in response to President Obama's $3.8 trillion fiscal year 2013 budget proposal that projects a fourth straight year of $1 trillion deficits:
"President Obama's fiscal year 2013 budget plan is deja vu all over again. The Obama Administration is proposing to borrow another $1.3 trillion to pay for unsustainable increases in government spending. The President's budget includes no real reforms to federal entitlement programs that are heading into an abyss of insolvency. And his budget plan proposes to raise taxes on our Nation's job creators to the tune of $1.9trillion over the next 10 years that will only lead to a diminished American economy.
"I am deeply disappointed that the President's budget fails to address seriously our rapidly rising $15 trillion federal debt -- which is a looming time bomb confronting the American economy.
"House Republicans, under the leadership of Budget Chairman Paul Ryan, will soon present a fiscally responsible budget plan that will lower spending, reform and strengthen entitlements, reduce the deficit and put our Nation on a glide path toward a balanced budget. The Republican budget will be a serious and honest approach to bringing growth, prosperity, certainty and fiscal responsibility to our economy."