Today, joining fellow members of the House Budget Committee to unveil the Fiscal Year 2013 budget, The Path to Prosperity, Congressman Marlin Stutzman (IN-03), issued the following statement.
"In the past year, our nation lost our "AAA' credit rating, Washington drove us further into the red, and our national debt grew larger than our entire economy," said Stutzman. "Unfortunately, President Obama and Senator Reid have done nothing to prevent a predictable debt crisis that affects every American. Just last month, the Administration put out a flippant budget proposal that keeps the current spending trajectory which is on track to double the debt over time. Meanwhile, Senator Reid has continued his three year tradition of refusing to pass a budget."
"We have a moral obligation to tackle the debt," said Stutzman. "The budget we introduced today offers a detailed blueprint for American renewal. It puts us on the path to fiscal responsibility while there's still time. It empowers taxpayers and works to renew the idea that, as Americans, our children will have a better future. The Administration is free to disagree with the proposals we've outlined but it's time for an honest debate. We have given taxpayers a clear alternative to the current path of debt and decline. They must decide."
The Path to Prosperity wouldsave taxpayers more than $5 trillion over the next ten years, simplify an overly complicated tax code, strengthen Medicare for future generations, and keep America's military strong.
· Controlling Spending and Lifting the Debt: Instead of relying on gimmicks and fine print, the budget saves taxpayers over $5 trillion over the next ten years, relative to the President's budget. The Path to Prosperity charts a sustainable path forward, ultimately erasing the budget deficit completely, and begins paying down the national debt.
· Reforming the Tax Code: Unlike the President's budget proposal which includes roughly $2 trillion in tax increases on hardworking Americans, The Path to Prosperity does not raise taxes. Instead, it would enact pro-growth tax reform, consolidating an overly complicated tax code into just two individual income brackets of 10 and 25 percent, reducing the U.S. corporate rate to 25 percent, and shifting to a "territorial" tax system that encourages companies to bring back foreign earnings and invest in the United States.
· Saving and Strengthening Medicare: The President continues to ignore Medicare's looming insolvency, compounding the danger with a health care law that empowers unaccountable bureaucrats to cut the program in ways that would deny seniors access to health care. Instead of overlooking the fiscal reality, The Path to Prosperity embraces bipartisan solutions to preserve the Medicare guarantee, ensuring no disruptions for those in and near retirement.
· Prioritizing Defense: Rather than gutting defense, The Path to Prosperity addresses the actual drivers of the debt. By responsibly reprioritizing savings called for by The Budget Control Act, it would make certain that our troops and military families don't pay the price for Washington's failure to take action.