The President’s Plan Takes More to Spend More
It Grows the Government, Not the Economy
$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%
The Budget Grows the Government at the Expense of the Economy
President Obama’s budget takes more from hardworking families to spend more in Washington, D.C. Instead of empowering people with more control over their lives, the President’s plan empowers bureaucracy. Instead of creating good-paying American jobs, the President’s plan destroys jobs, depresses wages, and diminishes opportunity.
Republicans are offering a different path. Our plan to balance the budget will end the waste of taxpayer dollars and foster a healthier economy, delivering real solutions to help improve people’s lives.
Courtesy of the House Budget Committee
Speaker Boehner on the President’s Budget: “It Is Time for Washington to Deal with Its Spending Problem”
WASHINGTON, DC – House Speaker John Boehner (R-OH) made the following remarks at a press conference with Republican leaders today discussing President Obama’s budget:
“House Republicans passed a balanced budget that will help foster a healthier economy and to help create jobs. Unfortunately, the president’s budget never comes to balance. Every family has to balance its budget, Washington should as well.
“The American people know you can’t continue to spend money that you don’t have. The federal government has spent more than what it has brought in in 55 of the last 60 years. Now think about this, you can’t continue to go on like this. That’s why we came forward with a plan that will balance the budget over the next 10 years. We believe strongly that it is time for Washington to deal with its spending problem.
“And while the president has backtracked on some of his entitlement reforms that were in conversations that we had a year and a half ago, he does deserve some credit for some incremental entitlement reforms that he has outlined in his budget. But I would hope that he would not hold hostage these modest reforms for his demand for bigger tax hikes. Listen, why don’t we do what we can agree to do? Why don’t we find the common ground that we do have and move on that?
“The president got his tax hikes in January, we don’t need to be raising taxes on the American people. So I’m hopeful in the coming weeks we’ll have an opportunity, through the budget process, to come to some agreement.”
Speaker Boehner Press Office