Statement: 65 Days Late, Way More Than A Dollar Short
65 Days Late, Way More Than A Dollar Short
Arlington, Va. – The White House today released its budget for fiscal year 2014. This budget proposal, arriving 65 days late, includes $3.77 trillion of total spending, increases taxes by $580 billion by ending tax deductions and closing loopholes and would leave the nation with a $744 billion budget deficit in 2014. Despite a $230 billion cut in entitlement spending, the administration’s budget still fails to balance.
“The budget being proposed today by the White House unfortunately sidesteps the key drivers of our long-term debt, fails to put the nation on a sustainable path, and seems to be more a product of Washington politics than presidential leadership. While the president acknowledges the urgency of reforming entitlements, his budget does not go far enough and make the structural changes necessary to preserve them. Running deficits as far as the eye can see does not stabilize our long-term debt – it adds to it. Raising taxes and punishing those who choose to make responsible decisions for retirement savings does nothing to promote the economic growth and job creation that this administration claims to be its number one priority.”
Office of Management and Budget: “The Budget … incorporates the President’s compromise offer to House Speaker Boehner to achieve another $1.8 trillion in deficit reduction in a balanced way. … Includes $400 billion in health savings that crack down on waste and fraud to strengthen Medicare … Transforms regions across the country into global epicenters of advanced manufacturing with a one-time, $1 billion investment to launch a network of up to 15 manufacturing innovation institutes … The Budget invests in repairing our existing infrastructure and building the infrastructure of tomorrow …
“Raises $580 billion for deficit reduction by limiting high-income tax benefits, without raising tax rates. … Implements the Buffett Rule, requiring that households with incomes over $1 million pay at least 30 percent of their income (after charitable giving) in taxes. … Limits the value of tax deductions and other tax benefits for the top 2 percent of families to 28 percent … Ends a loophole that lets financial managers pay tax on their carried interest income at the lower capital gains rate. … This offer includes some difficult cuts that the President would not propose on their own, such as an adjustment to inflation indexing requested by Republicans.” (“The President’s Fiscal Year 2014 Budget – Overview,” Office of Management and Budget, 4/10/13)
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