Idaho Congressman Mike Simpson, a senior Member on the House Budget Committee, joined Chairman Paul Ryan and other members in releasing a robust budget for fiscal year 2012. This budget, named Path to Prosperity, is the first and only proposal offered that lays out a path to a balanced budget and ultimately eliminates the national debt by fundamentally reforming entitlement programs.

“This Republican budget takes on the biggest challenges facing our country and offers real solutions that will encourage economic growth and provide stability,” said Simpson. “While we continue to wait for President Obama and Senator Harry Reid to offer up their budget solutions, the House Budget Committee is taking responsibility and leading the way by confronting the drivers of the debt.”

The House Budget Committee’s proposal reduces taxes and simplifies the tax code. It addresses entitlement spending, and it spurs economic growth.  “We’ve done more than just cut spending, we have provided a blueprint of how to achieve the financial goals that Americans want and provided a long term plan to return our government and country to stable footing,” said Simpson.

Specifically the House Budget:

• Cuts spending by $6.2 trillion over the next decade compared to Obama’s budget request;
• Cuts $179 billion next year below Obama’s requested level;
• Reduces non-security discretionary spending to below 2008 levels;
• Balances the federal budget over the long term and puts the government on track to pay off the national debt;
• Eliminates the $800 billion tax increase in Obama’s health care law and rejects the President’s $1.5 trillion tax increase proposed in his FY12 Budget request;
• Simplifies the tax code for individuals, families and businesses by capping rates and incentivizing growth, savings and investment;
• Spurs economic growth which will create 1 million new private-sector jobs next year;
• Reforms and repairs our broken Medicare and Medicaid systems by providing flexibility to states and giving individuals the opportunity to choose the plan they want while not effecting the current benefits of anyone over age 55;
• Repeals Obama’s Health Care law and reforms and privatizes Fannie Mae and Freddie Mac.

Read the entire Republican’s budget proposal, Path to Prosperity, or visit the House Budget Committee’s website to get more information. You may also watch Chairman Ryan explain the proposal in this video.