WASHINGTON, DC – Congressman Ander Crenshaw, chairman of the House Financial Services and General Government Appropriations Subcommittee, today (3/20) voted to pass the House Republican budget plan and put the nation on track to a balanced federal budget in ten years.
The Path to Prosperity: A Responsible, Balanced Budget (H. Con.Res. 25) passed the House by a vote of 221 - 207 on March 21.
“The clock is ticking, and Congress can’t wait until April for President Obama to send his budget plan to Capitol Hill for consideration,” said Crenshaw. “House Republicans are acting now. In passing the Fiscal Year 2014 budget plan, we deliver real budget reform that balances the federal ledgers by 2023 and lays a clear path to a healthy economy, job creation, and secure retirement. We’ll have to see if President Obama does likewise in his proposal. He should.”
“American families and businesses work hard to balance their own budgets and expect Capitol Hill to do the same,” Crenshaw continued. “This budget blueprint takes that philosophy to heart by tackling wasteful government spending and protecting national security by meeting the defense funding levels requested by top Pentagon leaders. And, at no point along the way are taxes raised.”
“Additionally, the GOP plan repeals Obamacare and moves toward patient-centered health care as well as strengthening Medicare and ensuring the Social Security is available for generations to come,” said Crenshaw. “The cost of doing nothing is unacceptable. That’s why my focus remains on controlling government spending and creating a fiscally responsible budget that promotes economic peace of mind for everyone.”
The following points summarize how key areas of the budget are addressed in the House-passed plan:
• Spending: The proposal slows the average annual growth of federal spending from 5 percent to 3.4 percent and to bring federal spending in line with federal revenues— thereby balancing the budget.
• Revenue: The plan rejects the Democrats’ calls to chase ever-higher spending with ever-higher tax increases. Instead of trying to take more money from families and small businesses, the House Republican budget calls for fundamental tax reform. This tax reform will remove special-interest loopholes, lower tax rates, and create more jobs.
• Deficits: The blueprint responsibly balances the budget in ten years without taxes. A long-term plan for serious deficit reduction provides a boost to economic growth and ensures greater opportunities for hardworking families.
• Debt: The plan reduces the debt burden as a share of the economy from today’s near record high levels of over 100 percent of the economy. By reducing the deficit in the near term and generating a small surplus in 2023, the House Republican budget gets debt below 80 percent of GDP by 2023. This puts the nation on the path to faster economic growth now—and in the long run, on the path to paying off the national debt.
Editor’s Note: Additional details on the House Republican Budget Plan can be found on the House Budget Committee website at www.budget.house.gov.