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Olson Votes to Reform Government & Cut Future Debt

Press Release

By:
Date:
Location: Washington, DC

Rep. Pete Olson (R-Sugar Land) today voted to cut federal spending, repair the safety net, and remove the crushing burden of debt. The House Republican budget cuts government spending by $5.3 trillion over ten years in comparison to the President's budget, blocks the President's proposed tax hikes, reforms the tax code and brings deficits below 3% of gross domestic production (GDP) by 2015.

"Our budget cuts spending to protect the hardworking American taxpayers that suffer under President Obama's policies," Olson said. "This plan tackles the drivers of our debt by reducing government's size and reforming our tax system. The Democrat-controlled Senate has not passed a budget in over 1,000 days and the President still refuses to offer credible solutions to the most predictable economic crisis in our history. Empty promises from Washington won't pay our bills, strengthen our health and retirement programs, fix our economy or create jobs. This Republican budget puts our nation's finances on a path to balance and pay off the debt."

H.Con.Res.112, introduced by House Budget Committee Chairman Paul Ryan, will establish the federal government budget for fiscal year 2013 and set forth appropriate budgetary levels for fiscal years 2014 through 2022. The bill passed by a vote of 228-191.

Key facts from the House Republican budget:

Spending:

Cuts $5.3 trillion over the next ten years in comparison to the President's budget

Cuts spending from its current level of 24% of the economy to 20% by 2015

Prevents crippling cuts to the Pentagon for our national defense, while achieving needed cuts for sequestration

Medicare:

No change for seniors 55 and over

For those under 55 - a choice between the traditional fee-for-service Medicare or an option in the new Medicare exchange, similar to how federal employees pick their insurance

Taxes:

No tax hikes, unlike the President's budget that contains a $2 trillion tax increase

Changes the current 6 individual tax brackets to 2 tax brackets of 10 and 25 percent

Corporate tax rate is reduced to 25 percent


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