House Republicans, led by Budget Chairman Paul Ryan, have introduced a plan to balance the budget in 10 years. The Path to Prosperity achieves the goal by limiting government spending to revenues and reforming the drivers of the national debt.
Congressman Jack Kingston (R-GA) praised the resolution's commitment to balancing the budget.
"Our government borrows $3.8 billion every day," said Kingston. "That is 42 cents borrowed for every dollar we spend. We cannot continue to defy gravity. This budget proposal forces government to live by the same rules as families and businesses do every day: do not spend what you do not have. In doing so we strengthen the nation's safety net, increase opportunity, and build on proven reforms. We show a more efficient, effective government achieves balance and encourages economic growth."
By limiting government spending to revenues the budget plan would cut spending by $4.6 trillion over the next decade. It allows economic growth to surpass the growth of government and balances the budget by 2023.
To accomplish the task it would harness America's energy potential -- the largest natural gas, oil, and coal reserves in the world -- to create jobs and provide American families access to affordable energy. It calls for the approval of the Keystone XL pipeline and achieves North American energy independence.
The Path to Prosperity calls for the repeal of Obamacare and would replace the controversial law with patient-centered reforms that bring down the cost and increase access to care without growing the size of government.
The plan strengthens and preserves Medicare, making no changes for those currently relying on the program while ensuring future beneficiaries have a program on which they can rely. Beginning in 2024, eligible seniors would be given a range of insurance plans to choose from -- including traditional Medicare -- and would be provided assistance to ensure they can afford premiums.
The plan also builds on the highly-successful bipartisan welfare reform of the 1990s and lays the groundwork for comprehensive tax reforms in order to provide more opportunity to Americans.
"Our plan provides a path to lift Americans out of poverty and provide working families with the opportunity to get ahead," Kingston said. "It is a responsible and accountable approach that forces Washington to be more accountable and makes government more conducive to growth."