Lance: President Obama's Budget Fails to Seriously Address National Debt, Deficits and Federal Spending

Statement

Congressman Leonard Lance (NJ-07) today issued the following statement regarding the release of President Obama's fiscal year 2014 federal budget proposal to Congress.

"Two months late, President Obama's 2014 budget was hardly worth the wait," said Lance. "Like the presidential budgets of the past, the Obama Administration's blueprint once again calls for higher taxes to fuel more Washington spending while doing little to rein in our national debt and bring our budget into balance."

The Seventh District lawmaker did praise President Obama's decision to include in his budget proposal important entitlement reforms, including the so-called "chained CPI," which would change the formula for calculating Social Security's annual cost-of-living increase.

Lance noted that there is bipartisan support for preserving benefits for existing seniors and ensuring that these entitlement programs remain strong for generations to come.

"I am encouraged that the President's budget includes important reforms to save and preserve Medicare and Social Security. By offering to reform entitlement spending -- a key driver of U.S. government deficits and the debt -- I am hopeful that President Obama and leaders in the House and Senate can move toward a bipartisan budget agreement our Nation so desperately needs," concluded Lance.

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