Simpson: President’s Budget Needs to be More Aggressive
Washington, April 10, 2013
Tags: Fiscal Responsibility
Idaho Congressman Mike Simpson responds to the release of the president’s budget for FY 2014.
“President Obama’s budget proposal, though it does acknowledge the $16.8 trillion nation debt and offers some noteworthy reforms, still falls well short of the kind of long-term serious debt proposal needed to spur growth, restore confidence, and bring common-sense budgeting back to Washington, D.C.,” said Simpson.
The President’s budget never comes to balance, and it only offers $1.8 trillion in deficit reduction, less than half of what is needed to stabilize the debt and put it on a downward path relative to the size of the economy. Additionally, it offers up significant tax increases while falling short in reducing spending or reforming mandatory programs like Medicare, Medicaid and Social Security which make up about two thirds of the budget.
“I am encouraged that the Budget does begin to acknowledge the real drivers of the national debt by finally including some reforms to Medicare and Social Security,” said Simpson. “While it does offer proposals that will trim mandatory spending, it doesn’t go far enough to protect and preserve these programs for the next generation, or reduce their explosive growth.”