House Republican Policy Committee Chairman and House Budget Committee member James Lankford (R-OK) released the following statement after final passage of the House Budget Committee's budget proposal for fiscal year (FY) 2014, The Path to Prosperity: A responsible, balanced budget.
"I am proud to join Chairman Ryan and my Republican colleagues in the House Budget Committee, who remain committed to economic recovery," said Lankford. "Today, the President told the House Republican Conference that he did not believe a balanced budget is "advisable.' We obviously disagree. Families and businesses cannot print money or borrow infinite dollars, neither should the federal government.
"The Republican House budget proposal sets the federal government on a long-term path to fiscal balance. Our FY14 budget reduces federal spending by $4.6 trillion over the next 10 years through reducing waste, fraud and abuse, fixing our broken tax code and reforming some of the drivers of our debt. Our national debt continues to climb and is fast approaching $17 trillion. If we change nothing today and continue on this path, our debt could reach $25 trillion by 2023 with interest payments projected to jump from $223 billion a year to $857 billion a year. This is both unsustainable and irresponsible.
"After almost four years without a Senate budget, Senate Democrats have finally begun drafting a budget proposal," continued Rep. Lankford. "I look forward to working with them to find common ground, where we can adjust our spending levels and reform our broken budget process. We can no longer delay our federal spending crisis with temporary federal funding through continuing resolutions. American taxpayers deserve the kind of immediate action the House Budget Committee took today.
"By taking action today, we can set an example for our children and protect the future of our economy for generations to come," concluded Lankford.