Today, House Republicans released our budget for fiscal year 2012 that would cut government spending by more than $6 trillion dollars over ten years. Led by Budget Committee Chairman Paul Ryan (R-WI), we followed through on our promise to scale back the size and scope of the federal government and ensure a sustainable fiscal future for our country. I strongly support the reforms put forward by the 2012 budget resolution, and I am excited to begin working on implementing these reforms over the coming year.
Last year, the Democrat-controlled Congress failed to produce a budget despite their majority in both chambers. In fact, they didn’t even pass a single appropriations bill, leaving us to continue to haggle over the 2011 spending bill, passing six stop-gap measures in the interim. Our 2012 budget puts an end to this practice and is the opening shot in our efforts to dramatically reduce the size of government.
A full copy of the Republican 2012 budget plan can be found here, but I wanted to take a moment to highlight some of the key provisions.
Compared to the President’s budget, our budget resolution cuts $6.2 trillion over the next decade and brings non-security discretionary spending down to below-2008 levels. It reduces the deficit by $4.4 trillion. Our budget plan also simplifies the tax code, lowering the top tax rates on individuals and corporations. It completely defunds and repeals the President’s health care law. The Republican budget also takes the lead on reforming our broken entitlement systems by putting Medicare and Medicaid on a sustainable path to ensure benefits for current enrollees and future generations.
In sum, we face a tipping point in our country. We can either continue down our current path of spending recklessly, or we can work together to reduce federal spending drastically and balance the budget. Tough choices are ahead in the fight over the 2012 budget and its efforts to curtail the size of the government, but I stand ready to work with my colleagues to pass this budget and put America back on the path to economic prosperity.