Today, Congressman Ken Calvert (CA-42) released the following statement regarding President Obama's Fiscal Year 2014 Budget:
"Just three weeks ago the House of Representatives passed a balanced budget that puts our country on a path that gives job creators and taxpayers the certainty they need. The long overdue budget proposed today by President Obama never balances and is a step backwards in confronting the fiscal challenges our country faces.
President Obama's budget once again insists on raising taxes as a way of increasing spending and creating new federal government programs. Furthermore, President Obama's budget falls short of addressing structural flaws in our mandatory auto-pilot safety net programs and making necessary, sensible reforms to strengthen retirement programs to ensure they are protected for future generations.
Still, we are now at a recently unprecedented point where both chambers of Congress and the White House are on record with their budget plans for America. Now is the time to get to work to meet the complex fiscal challenges before us so that we can get our nation back on a path to prosperity."
President Obama's Budget by the numbers:
Their Budget Never Balances--Ever
§ The House budget balances in ten years, but, like Senate Democrats, the White House says their budget never balances--ever.
$8.2 Trillion in New Debt
§ Accounting for the cost of eliminating the sequester and removing the budget gimmicks, net deficit reduction is only $119 billion.
§ Additional deficit increase in FY2013: $61 billion
§ Total U.S. debt in 2023: $25.4 trillion
§ Debt increase per household: $60,980
§ Interest payments on the debt in 2023: $763 billion
§ Deficit in 2023: $439 billion
$1.1 Trillion in New Taxes
§ President Obama's budget increases taxes by $1.1 trillion--on top of $1 trillion in taxes from Obamacare and more than $600 billion from the President's recent tax hike.
$964 Billion in New Spending Above Projected Growth
§ Spending increase next year alone: $154 billion
§ Additional spending in FY2013: $61 billion
§ Total spending over ten years: $46.5 trillion
§ Rate of annual increase in mandatory spending: 5.2%