Saturday, March 31, 2012
McCarthy: Obama's budget double downs on a dysfunctional structure that saddles our nation with debt
Rep. Kevin McCarthy, R-Bakersfield and House Majority Whip, gives us his weekly report from Capitol Hill. In his words:
"Just like American families sit around the kitchen table and prioritize their spending to make ends meet, so too should the federal government. I believe that structure dictates behavior and, unfortunately, the budget that the President proposed this year doubles down on a dysfunctional structure that saddles generations to come with our crushing debt.
"Since the President took office, federal discretionary spending has skyrocketed, piling on $5 trillion more in debt. After a record-breaking four straight years of trillion-dollar deficits, our national debt now exceeds our GDP, and we continue suffering from unacceptably high unemployment. The President’s latest budget proposal increases spending by $1.5 trillion, amasses another $11 trillion in debt over ten years, and still doesn’t balance the budget. Fortunately, the House recognized that the President’s budget blueprint would move our country in the wrong direction; when it was brought to a vote, it failed 0-414, a bipartisan and unanimous repudiation to the status quo of overspending and over-borrowing.
"The budget that ended up passing the House – the new Path to Prosperity budget (H. Con. Res 112) – tackles the drivers of our debt with comprehensive structural reforms and a true all-of-the-above energy strategy that will spur entrepreneurship, create new American jobs, and put us on a path to fiscal sustainability and a balanced budget.
"The Path to Prosperity budget would cut over $5 trillion in spending and reduce deficits by over $3 trillion, eventually creating the budget surpluses necessary to pay off our debt by 2040. By simplifying our tax code and closing loopholes, this budget blueprint keeps taxes low for Americans and sends a welcome signal to job creators. The House Republican budget also makes America more competitive through pro-growth domestic energy initiatives. With gas prices approaching $4.50 per gallon locally, the President now claims to support an all-of-the-above energy policy – something I agree with and have supported since coming to Washington – but his rhetoric doesn’t match his Administration’s actions. Our budget proposes increased renewable and alternative energy development and responsible domestic oil and natural gas production that will keep gas prices affordable, create American jobs, and secure our energy independence.
"Finally, as the Supreme Court wrestled with the constitutionality of Obamacare this week and is set to rule on this later this spring, I will continue working with my colleagues to repeal the fundamentally-flawed healthcare law and replace it with stronger reforms that preserve the doctor-patient relationship, prevent government bureaucrats from rationing care, and safeguard Medicare for current and soon-to-be beneficiaries.
"Americans expect real leadership from Washington, and Republicans have pulled their chairs up to the kitchen table and passed a budget blueprint that delivers on that expectation. Path to Prosperity isn’t just a band-aid fix – it actually reforms the structural problems driving our debt. This budget is a step in the right direction to ensure that the America we pass on to our children and grandchildren is as bright and full of opportunity as the one we inherited.