Black Statement on House Republican’s FY 2012 Budget Proposal
Washington, D.C. (Tuesday, April 5, 2011)—Today, U.S. Representative Diane Black (R-TN), member of the House Budget Committee, released the following statement on the introduction of the House Republican Budget for Fiscal Year 2012:
“Three months ago, President Obama released his Budget plan for 2012. In it, the president doubled down on his failed policies of more spending, more taxing and more debt. Under the president’s budget, the debt will double by the end of his first term, and triple by the end of the decade. The president’s budget was a failure of leadership by almost every measure—so much so, that Erskine Bowles, chairman of the president’s own debt commission said the president’s budget goes ‘nowhere near where they will have to go to resolve our fiscal nightmare.’
“Today, I joined my colleagues from the House Budget Committee to introduce our 2012 budget that leads where the president has failed. Our budget cuts over $6.2 trillion in government spending and takes real steps to grow our economy, encouraging businesses to grow and hire with pro-growth tax reforms. In short, this budget not only meets, but exceeds the goals of the president’s own debt commission.
“The budget we put forward today not only cuts Washington big-spending, but caps spending levels for the future. Our budget repeals and defunds ObamaCare; halts the president’s proposed tax hikes; reduces our out of control deficits and begins to pay down our debt so our children and grandchildren can have brighter futures.
“I am proud to be a part of a Budget Committee and a Republican Majority in Congress committed to changing the way Washington works and reducing the size of government. This budget is a courageous first step to secure America’s future prosperity."
Click HERE to watch Congressman Black discuss Republican’s 2012 Budget proposal
“We Will Lead Where the President Has Failed” - Congressman Black
Key Budget Facts
- Cuts $6.2 trillion in government spending over the next decade compared to the President’s budget, and $5.8 trillion relative to the current policy baseline.
- Eliminates hundreds of duplicative programs, reflects the ban on earmarks, and curbs corporate welfare, bringing non-security discretionary spending below 2008 levels.
- Brings government spending to below 20 percent of the economy, a sharp contrast to the President’s budget, which never falls below 23 percent of GDP over the next decade.
DEBT AND DEFICITS
- Reduces deficits by $4.4 trillion compared to the President’s budget over the next decade.
- Puts the budget on the path to balance and pays off the debt.
- Keeps taxes low so the economy can grow. Eliminates the roughly $800 billion tax increase imposed by the President’s health care law. Prevents the $1.5 trillion tax increase called for in the President’s budget.
- Calls for a simpler, less burdensome tax code for households and small businesses. Lowers tax rates for individuals, families and businesses. Sets top rates for individuals and businesses at 25 percent. Improves incentives for growth, saving, and investment.
GROWTH AND JOBS
- Creates nearly 1 million new private-sector jobs next year, brings the unemployment rate down to 4 percent by 2015, and results in 2.5 million additional private-sector jobs in the last year of the decade.
- Spurs economic growth, increasing real GDP by $1.5 trillion over the decade.
- Unleashes prosperity and economic security, resulting in $1.1 trillion in higher wages and an average of $1,000 per year in higher income for each family.